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Protecting against cybersecurity with a lock on programs. Source: Shutterstock.

If asked, “What keeps you up at night?” the majority of credit union executives may respond: Making headlines due to a security breach. Data security and mitigating cybersecurity risk remain top of mind for credit unions and the pandemic hasn’t changed that. In fact, the risks are increasing and expanding.

Where data is exchanged, there is risk of compromise. More time online means your members and staff alike are experiencing more opportunities for a hack or data breach. During the pandemic, shelter-in-place orders and health and safety concerns only increased consumer dependency on e-commerce. In fact, online shopping activity quadrupled during the pandemic from pre-pandemic numbers, according to a January 2021 report from PYMNTS and Elan. Mail delays and closed branches inspired more consumers to pay bills with digital tools. With these increased e-commerce and digital payment trends comes an increased exchange of data. As your members continue to shop online and make non-point-of-sale transactions, your financial institution should thoughtfully consider the impact these trends have on your institution’s security.

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