Fiduciary and crime insurance does not cover some of the most significant risks banks face, including ransomware, phishing attacks and data breaches. Many credit unions still do not have comprehensive cyber risk coverage. (Credit: DragonImages/Adobe Stock)
The digital revolution was well underway prior to the pandemic, but now it has pushed virtually all service businesses to go online and utilize new technology to be more convenient and faster.
The same is true for credit unions. To retain and attract customers from a cashless generation, a strong digital strategy is a must. This requires a host of new digital entry points for customers, which, in turn, greatly increases the firm's attack surface. Cybercriminals have an array of options to target including websites, apps, and ATMs, and a slew of new software. Essentially, credit unions now have a brand new set of digital risks to manage. We recently reported that the financial services industry saw a 31% increase in digital fraud attempts from 2020 to 2021.
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