Cybersecurity Mitigation & Response

Bolster Your Financial Institution's Defenses

Monitoring, detecting, and addressing potential cybersecurity threats is a top priority for any financial firm—and for good reason.

Data breaches in the financial sector can cost millions—even billions—of dollars. They can also threaten a bank's reputation and disrupt the livelihood of hardworking clients. Yet today's savvy banking client expects new and novel ways to interact with their financial institution—and cybercriminals are constantly adapting new ways to steal sensitive information from these institutions. 

Fortunately, even though hackers keep getting more innovative, so are the good guys—creating new technologies and systems that can bolster a bank's defenses and keep these criminal characters out of the picture. 

What are the new technologies in the banking sector? Check out these five technological trends to watch that will be important to prepare for.

How To Pick The Right Hire

Delegation, delegation, delegation—it's the name of the game when it comes to boosting your financial institution's digital safety in our current climate.

Why?

Because the technologies available for your credit union or bank are becoming more nuanced, more advanced, and more sophisticated—and so are the cyber attackers and criminals trying to take advantage of them. Unless you have team members whose area of expertise is predominantly geared toward your firm's cybersecurity, you may be putting your entire banking community at serious risk of stolen data and security breaches due to accidental oversights and unaddressed vulnerabilities. 

If you've been thinking about hiring cybersecurity team members at your institution, it's helpful to know how to pick the right hire. Here are five characteristics to look for in your candidates.

Your Employees' Commonly Used Devices Pose Significant Risks

The unusual challenges faced by individuals, companies, and even entire industries have been astronomical in 2020. And it's not just economic volatility and public health crises that are giving people such a hard time. The threat of cybersecurity breaches, while always present, are becoming more widespread and sophisticated than ever. Even the World Health Organization itself has reported a fivefold increase in cyber attacks since the coronavirus pandemic began in December 2019.

What does this mean for your banking institution?

For one, it means that now more than ever is the right time to be vigilant and ensure your security efforts are up-to-date.

Specifically, read on to learn what endpoint security is and what the consequences can be if your financial firm's endpoints aren't adequately protected. 

3 Factors To Help Manage Reputational Risk

The modern consumer has so much choice when it comes to fulfilling their banking needs. With this in mind, how can you as a financial institution stand out from the competition?

The thing is, credit unions, banks, and other financial firms shouldn't just "bank" on the fact that they are geographically convenient or offer the latest technology for their potential client base. While appealing, these factors may not be sufficient to attract and retain great customers.

Learn why reputational risk management matters so much for banks, as well as some simple things you can do to reduce the risk of costly "dings" to your brand.