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When CU Times published an article in October titled, “Study: People Have a False Sense of Cybersecurity,” it was rapidly circulated throughout our offices at Tyfone, Inc. As a digital banking vendor that began our business life as a security company, we have often championed the idea that sub-par digital banking services, among other things, usually originate from a fundamental misunderstanding of the function and limitations of security within fintech. It’s completely correct to say that people (both individual credit union members and the credit unions themselves) have a false sense of cybersecurity.

I hope the eye-opening statistics provided in that article will be a clarion call to credit unions and individuals to take cybersecurity seriously. It’s equally important that we consider possible solutions. Security is a problem that can often seem so daunting and complex that our impulse is to shove it to the backburner rather than educate ourselves. So, I would like to suggest instead that we take a moment to discuss a few key elements when considering cybersecurity risk:

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