Credit Union Boards Must Defend Against Cybercrime

Credit Union Boards Must Defend Against Cybercrime

New reports suggest that credit unions are increasingly in the sights of cybercriminals worldwide. In only the past few years, cybercrime seems to have become mainstream, with malware and ransom ware attacks disabling government organizations and financial institutions the world over. However, while the headline-grabbing attacks may be targeted at some of the world’s largest organizations, everyday cybercrime regularly targets institutions like credit unions.

Credit unions are seen by some cybercriminals as “easy targets” for several reasons:

• Their IT departments typically have fewer resources than those at major banks
• Credit unions have “high-reward,” valuable data as financial institutions
• Sensitive data can be sold for high prices on the black market

Directors and executives themselves are common targets of cybercrime. Often, attacks known as “spearphishing” will target an individual in a prominent position at the target organization in an attempt to gain login information, access to data or documents, and access to the organization’s entire network. Spearphishing attacks come in the form of an email, typically masquerading as a legitimate email from a colleague, client, or business partner. An attachment containing malware will infect the user’s computer and give cybercriminals access to sensitive documents or even the rest of a business’s network.

According to CNBC, using file sharing apps like Google Docs makes an organization incredibly vulnerable to spearphishing. Because Google Docs connections are HTTPS-encrypted, they cannot be scanned for malware, and it’s easy to make them look like legitimate business documents.

What can you do at the board level to protect your credit union from cybercrime? By implementing the latest board of directors software, you can ensure that all board communications are secure from cybercriminals and that your directors won’t be tricked into spearphishing attacks. Board portal software lets admin share board books and all related documents for meetings electronically with total security. Documents are only accessible in the portal, though they can be accessed online or offline, and they offer superior protection compared to email (which provides none) and file sharing.

Board portal software doesn’t just make managing board meetings easier, they are your first line of defense against cybercrime. Often, the weakest link in a company’s cybersecurity strategy is human error. Board portal software closes down opportunities for directors to make a mistake and carelessly expose credit union data or documents, which could include information about borrowers.

Training and software literacy are likewise crucial to effectively using secure technology. Board portal software vendor Aprio is one company that takes its role in training directors seriously. The company offers one-on-one training for directors, even in an ongoing capacity that makes it simple to onboard new directors. As they develop and improve their board portal, Aprio also releases quarterly webinars that administrators or directors can view to learn about new changes.

As cybercrime becomes more widespread and cybercriminals more inventive and malicious in their activities, security should be top of mind for credit union boards. Fortunately, it doesn’t have to be difficult to implement thanks to secure board portal software.