How Can Credit Unions Improve Data Security?
Strong data security protects all employees and clients from threats. Read about how to improve your credit union’s data security measures here.
Leaders understand the value of trust with employees and clients. In times when data is constantly at risk of compromising, you need to do everything you can to introduce strong data security measures.
There are several approaches you can take to improve your credit union’s data security. Read the following ideas to ensure your company’s protocols are up-to-date.
Implement Data Encryption
Encryption involves converting data into a code that only authorized parties who possess the correct decryption key can decode. This approach ensures that even if thieves intercept data during transmission, it remains inaccessible to unauthorized individuals.
Data at rest includes information stored in databases, files, and other storage devices. Data in transit covers information transmitted across networks.
Credit unions can employ various encryption standards, including Advanced Encryption Standard (AES) and Secure Sockets Layer (SSL), to encrypt sensitive data. It will boost security while maintaining your credit union’s trustworthiness.
Set Up Dual-Factor Authentication
Dual-factor authentication adds an extra layer of security to the data access process. This system works by requiring two types of identification before allowing access to an account.
Implementing dual-factor authentication can significantly enhance data security as it makes it harder for unauthorized individuals to gain access. Even if a thief compromises a password, the second layer of security remains intact, reducing the risk of data breaches.
It’s likely that your credit union already uses some form of dual-factor authentication. However, it’s a feature that you should use in every aspect of the company, from member accounts to internal databases. Every access point is a potential vulnerability. Dual-factor authentication can act as a powerful deterrent against unauthorized access.
Conduct Regular Audits
Regular audits involve periodic checks and assessments of existing security systems and protocols to identify any vulnerabilities or breaches. These audits, conducted by internal or external specialists, offer an in-depth look into the effectiveness of current security measures and help in the timely detection of potential threats.
Permanently Destroy Unnecessary Sensitive Data
One of the primary consequences of improper data destruction is identity theft. You never want to risk the exposure of your clients’ or employees’ sensitive information, no matter if they’re a past or current member.
When you no longer need financial records, transaction histories, or personal customer data, you should dispose of them securely. Secure methods such as data wiping, degaussing, and physical destruction of storage devices are effective strategies.
Establish Thorough Employee Education Programs
Your credit union’s security is only efficient if you educate every employee on the subject. They should understand the potential consequences of breaches and fully comprehend their individual security responsibilities. Regular training and educational programs can equip staff with knowledge of common security risks, phishing scams, and the correct protocols to follow when handling sensitive data.
Moreover, employees should receive training to identify and respond appropriately to potential security threats, reinforcing the first line of defense against cyber-attacks. Consistent updates on new threats and ongoing revisions to security policies are also vital to keep staff informed and vigilant.
Improving your credit union’s data security should always be a priority. Regularly check in with the team to evaluate security status and get ready to routinely update best practices.