One of the biggest challenges credit unions need to prepare for in 2017 is ensuring they can meet cybersecurity compliance requirements. They are certainly not alone. A recent report from cybersecurity research firm CyberEdge shows that nearly half (48%) of organizations surveyed, including those outside the credit union industry, had significant concerns about their ability to manage compliance. But with typically fewer resources in IT security and IT operations, credit unions carry an extra burden as they struggle to balance heightened consumer expectations for faster, more efficient banking and an ever-evolving technology environment with the needs of protecting the organization. It's no wonder that many in the industry are dreading what's ahead. Unfortunately, compliance can't be ignored. So what is going to change in terms of regulations in the coming year, and what is the best approach to managing it all?
Consumer expectations around service, access and convenience have compelled credit unions to innovate to remain competitive. The expansion of applications, platforms and supported devices has significantly improved the banking experience from the consumer's point of view. However, from a cybersecurity standpoint, these valued services significantly expand and convolute the attack surface (all the ways in which an organization's IT systems can be breached) by introducing new targets.
In 2017, visibility into complex networks will be key to overcoming compliance challenges – from how traffic flows through IT environments, to where personal data is stored, to testing to see if proper measures are in place to protect consumer data. Meeting many of today's (and tomorrow's) compliance requirements won't tolerate network zones left in the dark, including those in virtual or cloud environments. If your credit union isn't making use of security tools that increase visibility of the network, it's time to start looking for some.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.