We enjoy talking about the member experience and how technology can create the ideal member experience, but sometimes, the ideal member experience comes from trust. It may be something members take for granted, but the comfort that comes from your credit union possessing strong security policies to protect member data and money is something that cannot be understated.
Members never want distrust in their credit union’s cybersecurity practices to keep them up at night. How, as a credit union, can you make cybersecurity a priority when it comes to providing your members with an outstanding digital banking experience?
Here are three ways we think you can do both: deliver a great digital banking experience, and protect your environments and member data, too.
Protecting your members’ digital banking experience starts with establishing secure infrastructure that prevents and reduces attacks from occurring.
Attackers will look to target the lowest hanging fruits, so putting in place systems, policies and practices that increase security will continuously reduce the attractiveness to target your credit union. Since users are the weakest links through socially engineered phish emails, texts and phone calls, it’s crucial that they should analyze every email and not click on or open suspicious links or attachments – and receive adequate training in what to look for.
Additionally, always make sure that you’re aware of what your digital banking vendor is doing in their environment to protect your digital banking solution. Assess the technology that will be preventing attacks from occurring, the solutions that will enable identification of attacks as they’re happening and ensure you understand the processes that will occur in the event of a cyberattack.
Understanding these components of your vendor’s security environment will support the big picture of how your credit union and members are protected from cyber threats.
Beyond technology, another way your credit union can improve the security surrounding your digital banking solution is by educating your employees about common cyberattacks occurring today.
Your employees are another layer of defense against cyberattacks, and they can often be the last line of defense that unknowingly enables cyberattacks or prevents them.
Analyzing every piece of data that enters your environment with a fine-tooth-comb to make sure it is a legitimate request will strengthen your cybersecurity posture, and benefit your members behind the scenes.
There are things members can do to protect their data, some of which are mandatory, and others which are optional.
For example, you may be able to support members by requiring them to create complex passwords, using things like capitalized letters, numbers, and special characters to reduce the chances of attackers attempting credential stuffing.
There are also configurations that allow your credit union to create one-time-passwords for high value transactions or high-risk transactions, which can provide a few extra layers of protection. Pairing these tactics with other tactics like locking out accounts after several failed login attempts and other configurations, you can help members gain further control of their cybersecurity.
Alternatively, for the optional security features for members, you can encourage your members to enable functionalities that allow them to have greater control of their security. For example, credit unions can make sure members are aware of the lock and unlock functionality of their cards, giving them the ability to lock access to cards in the event they are missing.
Another optional feature allows members to set device management rules, such as limiting the devices where they can access their digital banking from. By taking steps to make them more aware of risks to their data, and by educating them on ways they can self-serve to increase their level of security, members can breathe easy knowing much is being done to protect them online.
Unfortunately, even when you implement all the measures discussed above, you still are at risk to be attacked by cyber criminals. Cybersecurity is an ever-evolving space, which will continuously require investment of time and money to reduce the odds of attack.
As a credit union, you should ensure that as you invest in your digital banking solution and the subsequent omnichannel experiences connected to it, take the time to secure your channels, protect member data, and ultimately, protect your business and members.
Celero is a leading provider of digital technology and integration solutions to credit unions and financial institutions across Canada. Clients trust Celero’s proven track record delivering innovative banking technologies, digital and payment solutions, cloud computing, outsourcing, IT and advisory services.
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