Outsourcing Credit Union Cybersecurity

IT, compliance and security professionals at credit unions are under more pressure today than ever before due to the rapid shift to remote work and uncertain economic conditions. On top of this, they often have limited resources, making it difficult (if not impossible) to balance maintaining a good cybersecurity posture and meeting strict compliance requirements while managing budgets. Despite these challenges, security is a business issue and no longer an IT issue, which means IT and security professionals need to find a way to protect their business environment.

Fortunately, outsourcing cybersecurity is a great option for credit unions. Outsourced resources supplement existing IT/security decision-makers, enabling them to protect their business and maintain compliance without hiring a dedicated security team. However, many business and IT/security leaders are reluctant to outsource due to a handful of outdated myths such as increased costs, lost control over their infrastructure and a compromised cybersecurity posture, among other concerns. The problem is that these drawbacks aren’t universal; rather, they’re the result of bad experiences with unqualified partners. For this reason, the process of choosing the right vendor to meet your credit union’s specific needs is critical.

Identifying a great partner can be challenging, but there are a handful of factors to help credit unions select a security firm that is aligned with their business needs.

Credit Union Cybersecurity Expertise: The cybersecurity vendor market is vast, with providers making similar promises to protect your organization. Look for a vendor with not only deep cybersecurity expertise, but also experience working with credit unions. There are security concerns and compliance issues specific to the credit union industry that a cybersecurity vendor should be fluent in. Credit unions shouldn’t need to teach a security firm about the intricacies of their business; they should already be knowledgeable and add value immediately.

Compliance Benefits: A cybersecurity firm with demonstrated compliance benefits acts as a force multiplier. Security and compliance are intertwined, especially in the case of credit unions facing numerous compliance and regulatory mandates. Your cybersecurity provider should not just be aware of the compliance mandates in your industry, but ready to play an active role in helping your organization stay compliant.

24/7/365 Monitoring: The security landscape is always changing, and attackers do not take breaks. Continuous cybersecurity monitoring is fundamental to building a good cybersecurity posture. Most vendors market themselves as offering security monitoring, so you will need to do your due diligence to ensure vendors practice what they preach or in this case, promise.

The Human Element and Customer Service: The human element of security is often pushed aside, especially when it comes to choosing a vendor to outsource your credit union’s security. People often think that because they are buying technology and processes, people and customer service do not matter that much. This could not be further from the truth. Your cybersecurity provider should act as your partner and function as an extension of your IT or security team. This means there must be regular communication between the customer and vendor that provides value without requiring the customer’s time and attention.

Implementation and Proven Time to Value (TTV): How long does it take to implement the vendor’s product or solution from time of purchase? What is the time between implementation and when you start seeing value from your investment? TTV is important for resource-constrained organizations and when it is in relation to cybersecurity because there is no downtime for threats and vulnerabilities.

Cost: Cost is often the primary reason that people cite for choosing to not outsource their cybersecurity. However, security is no longer an IT issue, it is a business issue. While some old school credit unions still think of cybersecurity as a box to check on their list of mandates, it is much bigger than that. The cost of a data breach can cripple a credit union – and it only needs to happen once. While cost can be a barrier to entry for some vendors, there are providers that deliver enterprise-level cybersecurity at a fraction of the cost of its competitors. Do your homework to find a vendor that works for your budget.

Technology Stack: The rise of the digital workplace has created an influx of new technologies and software. Organizations are eagerly adopting new technologies and software to support their new remote work environment. Cybersecurity providers should be able to integrate with and work alongside your existing technology to increase accuracy and maximize your cybersecurity investment.

Rather than taking on the challenges of cybersecurity by themselves, credit unions should consider finding a firm to help shoulder the responsibility. Not all security firms are created equal, so it’s important to perform their own due diligence to determine the organization’s budget and security needs before beginning their search. A sound cybersecurity firm can protect credit unions from cyberattacks and help maintain compliance with key regulations, while reducing costs.

Kevin Landt is vice president of product management for Cygilant, a computer and network security firm based in Boston.