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Virtual events have become a vital component of corporate communications, making cybersecurity a crucial priority for event organizers. The protection of financial data and member trust to credit unions is paramount. Secure virtual event experiences are not just a best practice but a must. However, with various cybersecurity threats on the rise, credit unions must enforce strong protocols to protect events and defend against unauthorized access and possible data breaches.
According to the 2023 Cost of a Data Breach Report published by IBM and the Ponemon Institute, data breaches cost companies an average of $4.24 million per incident. While in-person events require physical measures such as identification checkpoints to ensure security — virtual events introduce an entirely different set of challenges. Unauthorized participants, data leaks, and cyber threats can pose serious risks if security is not prioritized from the planning phase to execution and beyond.
Authentication is one of the most important components of securing virtual and hybrid events. Limiting access to only those with a direct invitation reduces data exposure and reputational damage. Credit unions must take several steps, from limiting attendee permittance to implementing real-time monitoring, to proactively ensure event security.
Key Cybersecurity Risks in Virtual Events
One of the most common concerns for virtual event planners is the potential for security breaches of confidential information. Whether hosting a member town hall, an internal strategy meeting or a financial update, unauthorized attendees can cause significant damage, ranging from leaking proprietary information to disrupting the physical event itself.
Without the proper restrictions, individuals outside of the intended audience can gain entry, potentially leading to financial fraud or reputational damage. Individuals who mean to do harm may impersonate executives, steal sensitive financial information or perform unauthorized transactions.
Even a small lapse in event security can have large consequences and a lasting impact on organizations.
Best Practices for Secure Virtual Events
To mitigate cybersecurity risks, credit union event planners should take several precautions in their approach to security, starting with their choice of technology. Not all virtual platforms have the same security capabilities. Planners should assess whether their chosen platform includes the proper features to enhance event security. Some features include:
- Access controls: Use event password protection, whitelisted domains or IP ranges, and pre-approved guest lists. Event planners can also restrict event access to users from specific websites, such as a corporate intranet.
- Audience engagement controls: Restrict screen-sharing capabilities and presentation materials to authorized event hosts. Live Q&A sessions should be monitored without every attendee seeing the questions until the questions are answered, and guest speakers must be properly vetted. Some event platforms have a backstage feature for live virtual events that allows staff to vet guest speakers before giving them access to the main stage.
- Real-time monitoring: Assign staff or leverage a virtual event producer to monitor virtual event spaces, and detect and respond to suspicious activity immediately.
Common Mistakes
One of the most frequent mistakes event planners make is using the wrong software for large-scale or confidential events. Video Meeting platforms, unlike software tailored specifically for scalable and secure events, lack robust security features such as advanced authentication options, audience controls and monitoring capabilities. While video meeting tools work well for small, collaborative discussions, they leave events vulnerable to critical security risks because they lack the audience controls built into virtual event platforms.
Another common pitfall is failing to establish clear and concise security protocols. Planners must anticipate potential threats and have contingency plans in place to handle any security breaches quickly and effectively.
New Event Tech Solutions
Strategies for protecting virtual events must evolve as new cybersecurity threats continue to emerge. Due to the rapidly changing digital landscape, organizations, including credit unions, are reassessing their virtual event technologies to ensure they meet standards for security, compliance and privacy.
Emerging technologies such as AI will increasingly mitigate cyber threats. However, organizations must also be informed of the risks associated with new data-sharing tools to maintain customer trust and compliance.
Protecting member data and preserving trust are crucial to credit union success. Given the essential role of virtual events in member and corporate communication, strong cybersecurity is non-negotiable. Credit union event planners must choose secure event platforms, implement authentication measures and continuously monitor event environments to help minimize risks and enhance security.
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