Cybersecurity is a high-risk area for credit unions. The industry faces increasing threats to data security and privacy, with cyberattacks targeting member information. At the same time, digital transformation has added to network complexity. Credit union cybersecurity compliance has many facets, but this network assessment checklist can help you bolster your defense and mitigate risks.
As cybersecurity threats evolve, protecting the credit union’s critical infrastructure is pivotal. Protecting your network against cyberattack and disruption is not only about compliance but also about uninterrupted service and maintaining the trust of credit union members. Review these key questions to evaluate your credit union’s network security.
What does your network map look like?
You can’t secure what you don’t understand. Auditing the credit union’s hardware and software components and gaining visibility into all your endpoints will help you map the network you need to monitor, maintain, and protect. With a complete map, you can also work to segment your network to restrict access to sensitive information. With segmentation, a bad actor may hack one device (e.g. a stolen employee laptop), but their ability to access the broader network would be shutdown.
Do you have a cybersecurity plan?
Designing a robust yet secure IT network for your credit union requires you to plan cybersecurity solutions that consider the number of branches or users, types of services offered, data traffic, and more. A layered approach—incorporating firewalls, intrusion detection systems, and encryption—is vital to protect sensitive member information.
Are you encrypting files and data?
Each federally insured credit union is required by the NCUA to “Protect against unauthorized access to or use of such records that could result in substantial harm or serious inconvenience to a member.” Encryption is a fundamental tool to protect data as it moves across networks and when it as at rest to prevent unauthorized access.
What access control policies do you have in place?
Access controls are another requirement of the NCUA guidelines. These can include:
- Implementing policies for strong passwords and educating your users about the importance of good password hygiene
- Requiring multi-factor authentication (MFA) for all users
- Limiting user access permissions so that people only have access to information they need for their job and nothing more
What systems ensure security patching and consistent technology updates?
Cybersecurity for credit unions is challenging because the threats evolve rapidly. Without processes to regularly patch hardware and software, you could leave your network vulnerable to new attacks. Continuing to use legacy equipment that is no longer supported by its manufacturer can also open the credit union up to bad actors.
Do you have tools in place to manage bandwidth demands?
Network monitoring tools help you manage network performance and availability in real-time. With the insights into bandwidth usage, network traffic, and device status, you can better prioritize applications. At the same time, network monitoring helps administrators to identify anomalies, such as unusual traffic patterns, downtime, or performance degradation.
What’s your first line of defense?
Firewalls control incoming and outgoing network traffic based on the credit union’s security policies. This helps prevent unauthorized access to network resources. Web gateways can further enhance security by monitoring and controlling web traffic to protect against web-based threats and enforce policy compliance. Gateways can also block access to malicious sites and scan downloaded content for malware, significantly reducing the risk of infection.
Are you always monitoring for risks?
Intrusion detection systems (IDS) monitor network and system activities for malicious activities or policy violations. An IDS can detect various types of attacks that a firewall might miss and provides an essential layer of security by alerting administrators to take prompt action to mitigate threats.
Are you assessing your network regularly?
You can’t count on a single network audit to protect you in perpetuity. NCUA guidelines call for credit unions to perform risk assessments. These regular vulnerability assessments and penetration tests can help discover vulnerabilities and mitigate risks as cyber threats evolve.
What is your disaster recovery plan?
Resilient connectivity and business continuity planning are non-negotiable elements of a credit union’s IT infrastructure. This requires investments in redundant systems, disaster recovery plans, and immutable backups, all designed to restore your network quickly and securely.
Keep in mind, planning for the worst isn’t enough either. You must also test your backups and disaster recovery plans to ensure that they work. Better to do it now than when under the time pressure of addressing a real-time disaster.
Credit Union Network Security & Team 29B
Team 29B partners with you to navigating the complex credit union cybersecurity compliance landscape.
With a deep understanding of the industry’s unique needs and challenges, we leverage over three decades of experience to deliver tailored IT solutions. Download our ebook, the Ultimate Guide to Networking, Cybersecurity, and Cloud Computing for Credit Unions, to learn more.