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Creating Cyber Resilience in Credit Unions

As the possibility of cyber threats increase, credit unions must develop and reinforce their cyber resilience in order to prevent, respond, withstand, and recover from cybersecurity incidents.

Executive Summary

Credit unions are facing an increasingly sophisticated and constantly changing array of cyber threats from data breaches, exposures, and leaks to cyberattack vectors like phishing, malware, ransomware, and vulnerable third-party managed service providers and partners. As credit unions continue to deepen their digital delivery of financial services, they must guard against the diverse array of cyber threats. The increased risk of cyber threats compels credit unions leaders to focus on cyber resilience—strategies that enhance the credit union’s capacity to recover quickly from any issues created by a cyberattack.

This report explores the wide range of today's cyber threats and the technological and cultural changes that a credit union must consider in order to create a cyber protection mesh, resulting in a more cyber resilient entity.

Credit Union Implications

The cost of a successful cyber attack extends beyond financial harm. It can impact a credit unions' reputation and retention of members. Creating a culture that highlights the importance of cybersecurity provides credit unions an opportunity to promote their commitment to members' data privacy and security. As digital transformation within credit unions expands and members' expectations regarding digital access and data privacy changes, credit unions must create a culture that embraces cybersecurity across the organization. 

Download the report and begin creating cyber resilience in your credit union. 

Filene’s Center for Data Analytics & the Future of Financial Services is generously funded by:

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