BY MIKE RUTH
Don’t let a compromised ATM fleet destroy your credit union’s reputation. To increase your ATM security and to curb cyber attacks, certain processes and planning tips will help keep you in the safe zone. Enlisting everyone at your institution from the C-Suite down is critical. Keep reading for a step-by-step run-down of these strategies.
Credit unions are operating under increased scrutiny by regulators and consumers on security practices and plans. That is why security is top-of-mind for most credit unions. Recently, 74 percent of financial services CEOs cited extreme concern about cyber threats.1 And that’s no surprise given that 37 percent of financial services organizations recently reported a double-digit increase in cybersecurity incidents.2
ATM Security Breaches on the Rise
When shoring up their cyber defense, credit unions can’t afford to ignore their ATM fleet. From brute-force physical attacks to sophisticated cyber malware, credit unions are forced to protect ATMs against a broad range of threats. Recent figures from FICO indicate that the number of U.S. ATMs compromised by criminals rose a whopping 546 percent from 2014 to 2015. The general consensus is that this surge is due to criminals working to get in before the skimming-reduction EMV migration effort in the USA reaches critical mass.
However, even after EMV technology is completely in place, one thing is certain: as long as there is cash stored in an ATM, there will be people who will attempt to steal it. Creating a successful ATM security plan includes enlisting the help of the executive team, employees and customers.
Boosting ATM Security Starts at the Top
If your ATMs are compromised, perhaps the biggest blow and most difficult to repair will be to your reputation. Fortunately, there are proven steps your credit union can take to increase ATM security, and starting with the C-Suite is the first of these steps:
1. Start with the Board of Directors and the C-Suite. Given the scope of the potential impacts of an ATM security breach, security needs to be an explicit part of your enterprise risk management strategy. Involving your C-Suite and Board of Directors is an important step in the risk management process.