Jun 24 2021

Up in the Cloud or Down on the Ground? Cybersecurity Talking Points for Credit Unions

Report  
Number  
542

An effective cybersecurity strategy is rarely noticed, but a single failure can cause considerable financial and reputational damage to financial services providers.

Linda Young
Linda Young
Research and Planning Consultant
Report Number 542

Executive Summary

According to Cybercrime magazine, in 2021 alone, the harm inflicted by cybercrimes is estimated to be $6 trillion. These crimes are forecasted to continue to grow year over year, and by 2025, the damage will reach over $10 trillion. The two industries most vulnerable to cyberattacks are healthcare and financial services.

For credit unions, protecting internal assets and members’ assets go beyond security dos and don’ts. It is about credit union do’s and don’ts, and it is about having the technology talk, but in a different way.

This research brief summarizes key cybersecurity and associated technologies such as cloud computing that credit union leaders must address now and in coming years. The provided talking points will help shift the conversation and action at your credit union toward a stronger cybersecurity strategy.

What is this research about?

A series of in-depth interviews were conducted by the author with credit union leaders, financial services providers, and security firms in April and May 2021. These interviews include:

  • critical security issues through the experiences of credit unions and financial services providers
  • insights by security professionals who specialize in protecting credit unions and other financial services providers 
  • six talking points to help shift the technology infrastructure conversation to better address cybersecurity concerns and associated solutions to tackle security threats at your credit union.

What are the credit union implications?

To plan and execute cybersecurity efforts that make a sustainable and positive difference in the long run, credit union leaders must not fall back on the usual discussion points raised when discussing cybersecurity concerns, budgets or proposed plans. Instead, consider the subtle or not so subtle opportunities to shift the conversation toward more productive talking points and recharge your cybersecurity efforts.