Cybersecurity, extremely competitive among vendors, and in great demand as a career, requires credit unions to sort through numerous offerings in order to protect themselves from pervasive and real threats.
At first glance, there might seem to be a glut of cybersecurity solutions. The truth is there are just too many risks facing financial services organizations for many to deal with on their own. Cybersecurity experts provided some insight.
A Zion market research report places the cybersecurity market value at $181.77 billion by 2021. Two major forces drive its growth: increasing enterprise targeted attacks and a shortage of cybersecurity specialists.
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Cybersecurity affects every financial intuition across a range of domains, including threat detection, governance, risk, and compliance, Member Driven Technologies COO Scott Johnston explained. "The critical need to protect data, which is evident given the fact that the cybersecurity market is a multibillion-dollar industry, has resulted in the proliferation of products and services."
To help financial institutions sort through protections the FFIEC's Cybersecurity Assessment Tool users' guide encourages cyberrisk programs to build upon and align existing information security, business continuity, and disaster recovery programs.
Because FIs use a collection of technologies including core and payment systems, automated teller machines, internet and mobile applications, and cloud computing, the FFIEC CAT's documentation cautioned, "Each type of technology introduces complexity and potential vulnerabilities."
DefenseStorm CISO, Bob Thibodeaux, recommended credit unions use the CAT to help determine effectual risk treatment methodologies assessing their inherent risk, relevant threats, vulnerabilities and exposures.
Another issue, many organizations do not have the trained staff to shore up weaknesses on their own. Cybersecurity professionals in a recent ESG and ISSA survey revealed the top contributing factors of security incidents are insufficient training of non-technical employees and adequate cybersecurity staff.
Eldon Sprickerhoff, founder and chief security strategist at eSentire, said, "If you if have talent in cybersecurity it is pretty easy to get a job." For credit unions, this might affect their fortification. "It's going to be a challenge to keep those people."
Read the full article in the Dec. 13 edition of CUTimes.
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
