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Cybersecurity Compliance: More Important Than Ever

What is going to change in terms of regulations in the coming year, and what is the best approach to managing it all?

By Ravid Circus | Updated on February 17, 2017

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.

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