Cybersecurity threats. Security threats. (Source: Shutterstock)

For credit union executives, cybercrime is the nightmare that many can’t seem to escape. According to the National Cybersecurity Alliance, global ransomware attacks increased by more than 150% for the first six months of 2021 compared to the same period in 2020. And this increase of cyberattacks has caught the attention of credit unions and other financial institutions. In CSI’s annual Banking Priorities survey, respondents from institutions across the country cited cybersecurity as the issue most likely to affect the financial industry in 2022.

Cybercriminals are constantly evolving their strategies and techniques to counter the protections credit unions deploy. For example, many cybercriminals initiate attacks at the beginning of a weekend or holiday to maximize the opportunity before security staff can discover the breach. As cyberattacks continue to increase in frequency and scale, credit unions should leverage a layered security approach to expand protection efforts and ensure that if one piece of technology fails, another layer will discover the breach.

 

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