Factors to Consider When Planning Your Next Cybersecurity Tech Investment

Cyber threats continue to become increasingly sophisticated, with hackers finding new ways to attempt to steal sensitive credit union and member information. Making matters more complex, credit unions are challenged with how to maintain a strong security posture with advanced capabilities in an economic climate that’s not conducive to large expenses. Unfortunately, bad actors aren’t constrained to those same parameters, continually investing in new ways to attack.

Finding and retaining top talent continues to be a challenge for positions across the board, and security talent is no different – exacerbating the issue. Plus, staffing security experts tends to be expensive, and especially difficult for smaller credit unions or those in rural areas.

In response to these obstacles, credit unions have been evaluating their cybersecurity approaches and technology, looking for cost effective ways that optimize both member and institution-wide protection, especially when strong expertise isn’t readily available. This is why many have started to embrace security information and event management (SIEM) solutions with a managed security operations center (SOC). These types of solutions can provide a cost-effective way to proactively identify threats and activate automatic responses, simplifying cybersecurity protocol.

Plus, these tools give credit unions access to an outsourced support team and their incident detection engineers when there are questions or concerns, allowing them to act more quickly when faced with critical threats and access responsive security advice if further assistance is needed. In addition to bolstering a credit union’s cybersecurity posture, managed security tools such as these can also offer compliance support while also meeting cyber insurance requirements.

However, not all managed SIEM solutions are created equal. When evaluating which cybersecurity platform is best for an institution’s individual needs, resources, implementation time, usability and measurability are all important factors to consider.

First, a careful, honest evaluation of where the credit union is and what resources are available will help determine the right fit. Just because a solution is managed doesn’t mean that it won’t still require some degree of time and attention, so it’s critical to determine if the potential platform makes sense based on existing available resources. Also consider if it matches the staff’s skillset. For example, it would be a waste to buy the latest next-gen artificial intelligence tool if the institution still lacks solid patch management.

On a related note, credit unions should determine if staff will be able to easily use the solution. This is especially critical for smaller teams. Prioritize managed solutions that come with simple, well-articulated playbooks or workflows that explain what to do for every alert. Some platforms will even prioritize findings, easily letting the credit union know what’s critical and urgent. Such resources can reduce any knowledge barriers and deliver quicker value.

Also think about the time to implement. A solution might be top notch, but if it’s going to take months to install and start working, perhaps it’s not the best fit. Modern, cloud-based solutions can often start working in a matter of hours, leveraging application programming interfaces (APIs) to connect into the credit union’s infrastructure. Such an expedited timeline allows value to be realized almost instantly, boosting ROI.

Another important, yet sometimes overlooked, consideration is measurability. Are there metrics available that can repeatedly prove the value of the tool to the board? Third party assessments, for example, can be reliable and recurring indicators of the success of the platform. As with any investment, leadership will want to understand the benefits the technology brings.

In a time when margins and resources are thin across the board, it can be difficult to justify technology spend that doesn’t directly result in defined ROI. And, the last thing any credit union wants is to invest in technology that turns into shelfware, which is a major risk when the right solution isn’t selected. Those that are embracing SIEM platforms and that evaluate potential partners based on resources, usability, time to implement and measurability will be well positioned to swiftly detect and properly react to threats in a smart, strategic way.

Matt Baaki is Chief Technology Officer for Member Driven Technologies (MDT), a Farmington Hills, Mich.-based core processing and IT CUSO.