Not only are smaller credit unions susceptible to cyber attacks, they may also be a stepping stone to a larger attack.
That was the warning from a trio of experts who spoke during CUNA Mutual Group’s 2018 Online Discovery Conference.
According to Colleen Woggan, CEO of Oakdale Credit Union, small CUs are just as likely to be hit as their larger counterparts, and she warned small institutions that hackers “might be using you to get to a bigger organization that you do business with.”
After all, the 2014 Target data breach occurred after hackers gained access to the big box store’s HVAC system and subsequently wormed their way into point-of-sale terminals.
Woggan was joined on the panel by moderator Carlos Molina of CUNA Mutual Group and Chris Hollen, CEO of Diversified CU.
“Phishing is absolutely huge,” noted Hollen. “You really have to stay on top of everything and do as much training [as possible].”
In 2016, data from Symantec, an American software company, found that small businesses have become idolized targets of phishers, particularly with employees responsible for managing the businesses finances. Bypassing phishing attacks remains a high priority for both CEOs. Hollen and Woggan said they both have deployed cybersecurity training for their employees to help decrease susceptibility to a phishing attack.
“It’s everyone’s responsibility when it comes to risk, technology and cybersecurity,” Woggan said.
Beyond just cybersecurity, the conversation also focused on other factors impacting small credit unions. Not surprisingly, technology is near the top of the list as small institutions continue to struggle to afford the same bells and whistles as their larger counterparts – the very features that help attract (and retain) members.
Both CEOs said their technology strategies are built around two decisions: finding ROI and ensuring an investment brings the most value possible to members. But they also advised not to count out two old favorites – email and Facebook remain reliable ways for credit unions to get their message across.
