Sanders detailed the biggest threats facing credit unions in 2019:

Applications, and the infrastructure that hosts them, have become go-to targets for attackers. Every line of code represents a new risk, so make application security a high-level priority.
Using the cloud provides organizations many advantages. However, cloud services also increase the scope of data responsibility. It is important to ensure storage settings are properly set to keep data private.
Many credit unions depend on easily accessible bots to enhance customer service. But there are also bad bots that can expose an institution to a variety of direct and indirect attacks, from increasing advertising costs through false clicks to a DDoS attack. "Ensuring controls are in place to detect and deter illicit bot activity is a great way to reduce your risk profile."
Machine learning and artificial intelligence are giving attackers the means to predict new passwords based on previous credentials, providing easier entry into websites, servers, etc.
Data aggregation has become a robust revenue stream for many organizations, which has led to increased scrutiny from global governments. "Laws like the European Union's General Data Protection Regulation and the California Consumer Privacy Act aim to give consumers more control over their data. Because these laws apply to your members' location, not your institution's, you should familiarize yourself with them now and start making preparations to address these emerging privacy requirements."

Credit unions will face new and more sophisticated threats from emerging newcomers such as nation state actors and attackers focused on cybercrime for economic growth, Mark Ernest, senior manager, security and threat intelligence, Member Driven Technologies, said. "This is evidenced through many of attacks attributed to North Korean hackers, such as group APT38, attempting to steal more than $1.1 billion dollars from banks around the world since 2014."

Instant Insights /

Credit Union Experts Provide More 2019 Cybersecurity Forecasts

Related Stories

Recommended For You