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Cyber security as a competitive advantage for credit unions

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By Jeff Carter

Screen Shot 2013-03-25 at 1.55.24 PMA few weeks ago, Defense Secretary Leon E. Panetta warned that the United States is facing the possibility of a “cyber-Pearl Harbor” and has become increasingly vulnerable to foreign computer hackers who could dismantle the nation’s power grid, transportation system, financial networks and government.

The warning came in the middle of a two week time frame when cyber attacks on the biggest U.S. banks, including JPMorgan Chase & Co. (JPM) and Wells Fargo (WFC) & Co., breached some of the nation’s most advanced computer defenses and exposed the vulnerability of its infrastructure.

For credit unions and community banks, an attack does much more than cause customer inconvenience: it could cripple electronic customer channels and prevent members from accessing their money, or worse.

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