Cyber Risk Management for Credit Unions

Cyber criminals like credit unions. Here’s why.

In recent years, cyber criminals have recognized that business data, like consumer data, is valuable and vulnerable. Credit unions possess an abundance of this sensitive information in the form of company, employee and consumer financial data. As a result, cyber criminals are increasingly targeting credit unions and, unfortunately, becoming more sophisticated with each attack.

The cyber risks—and repercussions—are real.

A primary means by which cyber criminals perpetrate attacks on credit unions is through sophisticated spear phishing emails. Once inside the IT network, the attacker can move laterally to access data in financial accounts, HR records and other business systems. They could even pose as high-level executives demanding wire transfers to unknown accounts.

Cyber criminals also target credit unions, conducting ransomware attacks and bringing business operations to a halt, by contaminating IT systems with encryption malware and demanding bitcoin payments to restore the systems. Because any downtime comes at a high cost to the credit union, they are often left with no choice but to pay the ransom. To make matters worse, Beazley Breach Insights states that small banks and credit unions with less than $35 million in annual revenue are far more likely to suffer a hacking- or malware-related breach due to their inability to maintain the required security technology and expertise.

Cyber risk management involves sustaining a robust internal cybersecurity effort. The sheer significance and scope of this undertaking is often quite daunting.

Choose a partner whose program aligns

with your cybersecurity goals.

Your organization needs a partner in cyber risk management, and that’s where ControlScan comes in. ControlScan is a leader in managed security solutions. Our elite cybersecurity professionals leverage the latest security technologies to support thousands of businesses with a single goal: Stopping cyber criminals in their tracks. We make choosing a cyber risk management program easy, because we work with you to determine the solutions that best align with your goals.

• Managed Detection and Response (MDR):  This suite of services is performed by our dedicated, in-house team of security analysts located in our 24x7 security operations center (SOC).
• Log and File Integrity Monitoring: Our team leverages ControlScan’s proprietary incident management platform to collect, correlate, analyze and store log data from your network infrastructure, servers and applications. We actively identify and mitigate security incidents round the clock, freeing up your resources and giving you peace of mind. Our activities are also organized to facilitate compliance with requirements within PCI, HIPAA, GLBA, SOX and other frameworks.
• Endpoint Detection and Response: This fully managed solution is continuously monitored and provides active audit log reporting to help simplify compliance. The service includes traditional (signature-based) and next-generation (analytics-based) malware protection, with frequent updates and real-time lookup. Most importantly, the advanced endpoint protection we provide lessens your firm’s exposure to the significant financial risk a single malware attack can represent.
• PaySafe™ UTM Firewall Service: The ControlScan PaySafe UTM Firewall Service provides the best in threat detection and prevention while meeting the variety of network security and productivity challenges organizations may face. It provides isolation, security and redundancy for critical network traffic while protecting enterprise systems from external and internal breach.
• Security Consulting Services: If your firm is uncertain of its current cybersecurity posture or has recently suffered a data security breach, an IT security risk assessment or even a simple, dedicated security consultation can be a good place to start. A ControlScan information security expert will work with you and your firm to thoroughly evaluate strengths and weaknesses, then recommend a path that closes the open doors they’ve discovered.

We’re with you every step of the way.

Today’s security threat landscape can be panic-inducing, especially when thinking about all the potential entry points and vulnerabilities a cyber criminal can exploit. But with ControlScan, you’re not alone. Partner with us for cyber risk management that delivers 24x7 peace of mind. We’ve got your back.

Contact me today to learn more!