Three huge cybersecurity problems for credit unions center on email. That's according to KnowBe4 CEO Stu Sjouwerman, who delivered the keynote address at the CU InfoSecurity 2016 conference in New Orleans.
"The biggest mistakes credit unions make is not configuring their email server correctly so that spoofed email addresses sail right through and employees open attachments that they should not," Sjouwerman warned.
The first problem is CEO fraud, Sjouwerman said. In this type of scheme, scammers send an email to a targeted recipient, usually posing as the organization's CEO or a senior executive, in an attempt to coerce them to process a payment via wire or credit transfer. The FBI estimated CEO fraud cost organizations more than $2.3 billion in losses over the past three years. In one attack, scammers unsuccessfully tried to entice Clearwater, Fla.-based KnowBe4 personnel.
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
