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Source: SourceMedia

Among the many business concerns that keep banking executives occupied during the workday and awake at night, nothing quite rivals network security. In a recent SourceMedia survey of U.S. upper-level banking and credit union executives regarding their top technological priorities, security solutions topped the list. A majority, 55%, said they expect to commercially implement new security technology within the next 12 months, while 21% of respondents said improving security will be the top area of focus during that time span.

Digital services are becoming a strategically vital means for credit union to differentiate their brand, forge strong relationships with new and existing members and improve the efficiency of their operations. This evolution to a digital enterprise also raises the specter of significant new cyber vulnerabilities, including DDoS attacks, ransomware incursions, uninvited data exfiltration and other potentially devastating forms of breach. Indeed, in terms of dollars, cybercrime exacts a higher annual cost from the financial services industry – almost $18.3 million – than from any other business sector, according to a 2017 report from Accenture and the Ponemon Institute.

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