The IT Threat Matrix: Dangers Near & Far Require Diligent Defenses

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Like every sub-sector of the financial services industry, credit unions are susceptible to malicious cyberattacks and related crimes. However, it’s important to understand that, also like the industry overall, this sector is very diverse: Given that there are 6,000-plus providers in this category, the reality is that some will be more vulnerable than others. More to the point, most of these threats are not developed specifically for credit unions; many could be just as easily aimed at other lending institutions and indeed different verticals.

In other words, most of the attacks are quite general, even random – they seek weaknesses in technology infrastructures and processes at all kinds of financial services enterprises, and go for the monetization opportunity where they find an opening. From the largest and most mature investment banks (with massive cyber defense budgets) to local institutions trying to keep pace with technological advances, there’s a broad range of potential targets. For their part, credit unions need to develop a level of cyber resilience that builds on their particular operating philosophies, regulatory requirements and market priorities.