By Roy W. Urrico
Cyber-terror attacks continue to threaten credit unions directly and indirectly. Most recently, data breaches on Target, Home Depot and JP Morgan made major headlines. However, lesser incursions could be just as damaging. The thing is, despite taking steps to strengthen the security within their walls, increasing frequency of incursions heightens the need for credit unions to maintain strong information security protocols on the entire supply chain.
Shahryar Shaghaghi, a partner for management consulting firm, Kurt Salmon in its CIO Advisory Practice, believes that given the current tempo of technological evolution it’s even more important that financial service organizations become proactive rather than reactive when it comes to cyber-protection.
“They need to have a strong IT strategy and efficient operation in place,” he advises. This expanded protection becomes even more important as organizations move to a more distributed environment and cloud computing.
For credit unions, start by evaluating security measures currently in place along the entire supply chain. This means looking closer at third-party services as well, because not only are hackers looking for holes, so are the regulators who are holding financial institutions accountable for end-to-end risk.