Cyber Security Awareness Month: Everything you Need to Know About Assessing Risk

Cyber attacks and data theft are real threats to credit unions and their members.

No one is immune from attacks, and understanding your risk is key to prevention. Awareness and constant vigilance are the only path to minimizing risk. So how do you make sure you don’t become a victim of cybercrime?

We are going to answer this question and others in our weekly blog series for the month of October, which is Cyber Security Awareness Month. We’ll discuss the importance of security for Canadian credit unions and how you can stay protected, and we’re kicking off October with a free downloadable risk assessment to help you understand how your credit union stacks up when it comes to security.

Closeup of young male theift in sweatshirt with hood transfering money from bills of stolen creding cards

Establishing a Cyber Security Strategy 

In our world today, it’s crucial that your organization develops a strategic plan to ensure the necessary controls are in place to mitigate the risk of cyber security incidents. Gone are the days when all you needed was a basic firewall and an anti-virus solution to provide enough protection for your organization.

Attacks are becoming increasingly sophisticated, extremely targeted and a great deal of time is spent by an attacker to gain access to your most vital assets. It’s important to protect the critical areas of your infrastructure no matter the size of your credit union. We know that cyber security is a team effort, and it takes a lot of resources to get the right measures in place. Our goal is to help credit unions and their members across Canada feel confident using cyber security best practices.

To establish a strategic approach to cyber security for your credit union, a risk assessment is the first step. This assessment helps you define security goals for your credit union and understand your regulatory and contractual obligations. It also helps you to evaluate your IT environment through the lens of people, process and technologies to identify the risks related to specific data assets.

Completing a risk assessment allows your credit union to determine its risk tolerance based on your goals, and identifies gaps in security controls, protections and your ability to respond in the event of a breach.

The assessment also allows you to create a tailored security roadmap for the next 1-3 years, with prioritized and ready-to-implement solutions that your credit union can start working on to improve your security posture over time. This gives your team the ability to evolve from reacting in the moment to threats, and shifts them to a planned, purposeful and proactive approach to security and risk management that aligns with you desired business outcomes.

This approach provides an actionable, multi-year plan to:

  • Support your ability to predict, manage and target your security investments to where they will provide the most value to you
  • Enable you to measure, monitor and communicate improvements
  • Provide you with the ability to demonstrate due diligence and provide assurance to customers, executives and boards

When you’re ready to learn more or to start implementing new security measures, we’re here to help with a wide range of services to protect your credit union, including Celero Protex Managed SIEM. Contact us today.

Make sure to follow Celero on Facebook, Twitter and Instagram during Cyber Security Awareness Month to see our insights, organizational tips and thought-provoking questions to help keep your credit union as safe as it can be.


Related posts: 

Cyber Security Awareness Month: Building an Effective and Comprehensive Security Awareness Program 

How to Turn Your Employees into a "Human Firewall" for your Credit Union 

10 Surprising Facts About Password Usage 

Preparing Your Credit Union for 2022 

Defining Digital ID and What it Means for Canadian Financial Services 


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Editors note: This post was originally published in October, 2020, and has been refreshed and updated for accuracy.

Cyber Security Awareness Month: Everything you Need to Know About Assessing Risk