Mitigating Cybersecurity Risks Following Ukraine Invasion
March 8, 2022
Cybercrime is one of the biggest threats to modern organizations of any size. Between business email compromise (BEC) scams resulting in the loss of over $5 billion, and ransomware crippling organizations for months, it’s clear cyber-attacks will not slow down anytime soon. According to Trend Micro, ransomware attacks on banks alone climbed by a staggering 1,318% last year.
Recent events are only adding concern. The Cybersecurity and Infrastructure Security Agency recently warned businesses that an increase in cyber-attacks is imminent following Russia’s invasion of Ukraine.
According to managed IT Services provider Think|Stack, it is imperative that organizations, including credit unions, ramp up their focus on cybersecurity as soon as possible. In a recent interview with FOX 45 News, Think|Stack CEO and Founder Chris Sachse explained why.
The Strategic Link partner says that far too many businesses take a reactive approach to cybersecurity and assume they will deal with it when it happens. Every business will experience a cyber-attack at some point — big or small — and for credit unions, an attack could have a detrimental impact on their member data, taking months, or even years, to recover.
Attacks often start with human error — a simple phishing email, or access to systems because a person uses a simple password, or reuses passwords on other accounts. The challenge is exasperated by the remote work environment that is seemingly here to stay beyond the pandemic. It was hard enough to keep employees updated and aware of potential cyber threats when everyone was in person; now organizations have to consider home environments and behaviors in addition to those within the physical office space.
One of the most important ways a credit union can mitigate risk is by fostering a strong security culture. Employees are an organization’s first line of defense, so education and training are critical to helping them be aware of the steps they should be taking or even what they should be looking out for.
Credit unions should also have a plan for limiting access to data and apps on certain devices, and who has access to data in general, which shrinks the attack surface available to hackers. Enforcing frequent changes in passwords, teaching employees about how to create a strong password, and enforcing two-factor authentication are great ways to protect systems from an attack.
Credit unions can learn more about cybersecurity best practices during a March 15 webinar hosted by Think|Stack and security training platform KnowBe4. Learn more and register.