Every organization faces cybersecurity risks that could reveal sensitive information and wreak havoc on their business continuity plans. Smaller credit unions are no exception. No matter the size, credit unions should be aware of evolving cyber risks, risk management solutions and the tools available to help prevent cyberattacks.

Managing the risk of cyberattacks involves three guiding principles:

• Adopt an approach of continuous technical improvements to an organization's IT infrastructure with the right cybersecurity tools.
• Focus on organizational preparation to respond effectively to a cyber incident.
• Manage risk through the use of risk transfer contracts like cyber liability insurance.

Cybersecurity Tools

When it comes to choosing what IT security tools and philosophies to deploy in a crowded marketplace, every credit union needs to decide what works for them and what is the most cost effective. Some of the best decisions IT teams can make do not necessarily come with the highest price tag.