A Risk-Based Approach to Cybersecurity is Critical for Credit Unions
April 13, 2021
For most businesses, the operational transformations that began in 2020 will continue throughout this year and beyond.
Credit unions are committed to driving efficiency among their workforces and offering members the cutting-edge, digital-first services they demand. However, threats of fraud and cybercrime continue to rise across the industry, and credit unions must remain vigilant in their cybersecurity efforts, especially when it comes to remote workers, advises IP Services, a valued Strategic Link partner.
In a recent PWC Annual Global CEO survey, which polled 5,050 CEOs across the globe, 47% of executives said they were “extremely concerned” about cyber threats in 2021.
Strategic Link partner, IP Services, has been in the cybersecurity business for more than 20 years, delivering managed IT services to small, midsize, and large financial institutions across the country. It’s critical that credit unions use a risk-based approach to managing cybersecurity among their remote workforces.
A key monitoring service IP Services offers, Cybersecurity Posture Enhancement, is designed to track and analyze all network traffic in one mitigation strategy, including:
- What activities remote workers are performing;
- Which files are being copied and to where;
- What bandwidth is being used;
- What conversations are occurring;
- Which applications are being used; and
- What countries are being accessed.
IP Services’ Visible Informant service collects Class Based Quality of Service (CBQoS) and flow data, processes it, combines it with performance data, and presents the information in graphs and reports.
These reports offer credit unions deep cybersecurity insights to help keep their networks and systems proactively protected and enable them to:
- Monitor interface-level network bandwidth usage, and identify users, applications, protocols, and IP address groups that consume the most bandwidth;
- Track conversations between internal and external endpoints as well as monitor the contents of these conversations;
- Analyze traffic patterns, with up to one-minute granularity, over months, days, or minutes by drilling down into any network element; and
- Enhance bandwidth capacity before outages occur.
When it comes to cybersecurity, credit unions that invest in a strong risk mitigation strategy can ensure employees are able to work securely from home while protecting critical systems from potential nefarious activity.