Top 3 reasons CEOs lose sleep over credit union cybersecurity

first_img 9SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Few things cause more sleepless nights for CEOs than the thought of a credit union cybersecurity event. How do I know this? During a recent tabletop exercise I was facilitating, I gave my usual – “relax, this is a no fault exercise” at the beginning of the session. Then, about halfway through the scenario (which involved a series of data theft events) the CEO approached me and said “I thought you said this would be FUN! This is what keeps me up at night!” As we begin our series on credit union cybersecurity preparedness, I felt there wouldn’t be a better place to start than with addressing the top 3 reasons “why” credit union executives are losing sleep about cybersecurity preparedness.NOT realizing Information (Data) is the new KING – credit unions are just beginning to have that “aha” moment when they realize that their “information” is more important than their cash. Cash is insured and while certain protections exist against cyber threats, I have yet to find a reputation insurer that actually works. Smart credit union CEO/CIOs are escalating the acceptance among their staff and board that data has taken the top spot.Black box syndrome or who’s behind the magic curtain – For the most part, credit union executives are struggling to gain the depth of expertise needed to protect against cybersecurity threats AND stay on top of regulations. The day-to-day operational work alone taxes historically understaffed credit union IT staff. When communicating “up”, transparency isn’t purposely avoided but the complexity of explaining technical concepts is often a hurdle for many credit union CIOs. Technology committees were formed to help reduce the risk that comes along with an ever increasing dependency on technology but committee volunteers (even when technology savvy) are finding it difficult to keep pace with increasing credit union cybersecurity threats and regulations. continue reading »last_img

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