Why Smaller Credit Unions Are Vulnerable to Cyber Attacks

Cyber attacks are growing in both frequency and severity, particularly against smaller organizations. Malicious hackers know the majority of smaller credit unions are not prepared against network security breaches, making them popular targets for cyber attacks. It is imperative that small credit unions equip themselves with cybersecurity training and security software so they can avoid irreparable damage. 

In many instances, managers neglect to prioritize cybersecurity solutions. They underestimate their overall level of risk by thinking that only large organizations are susceptible to cyberattacks. Unfortunately, this couldn't be further from the truth. Smaller credit unions are a prime target for hackers. That's because a smaller organization offers scammers valuable digital assets without the network security they would encounter with a larger financial institution. Failing to boost your defenses leaves potential entry points to data and information for hackers.

Once infiltrated, there's no guarantee you'll get all your data back, even if you pay a ransom. Hackers may attack you to gain access to the more valuable member data.

No matter how expensive you think cybersecurity solutions are, even one security breach will ultimately cost you more, and, for some credit unions, the damages may even be too difficult to overcome. This is particularly true if a threat infiltrates a network system and goes undetected, which is entirely possible when network monitoring and automated threat detection mechanisms aren’t in place. These types of cyber attacks can also leave credit unions susceptible to legal fees, compliance penalties, loss of reputation, and, most importantly, loss of valued members. These situations can easily result in a credit union being forced to close its doors. You don't want your credit union to end up as a statistic.

Many financial institutions, especially smaller credit unions, are constantly at risk and must implement basic preventive security measures to mitigate and protect the safety and privacy of their organization’s members. Resources such as OMNICOMMANDER’s CYBERCOMMANDER offer credit unions the cybersecurity they need to protect their members and their reputations at a reasonable cost. Let our team maintain and monitor potential threats so you can focus on growing your credit union.