NEWS FROM THE EDGE

For credit unions – and particularly those with less than $500 million in assets under management – protecting against cyber threats is more critical than ever. Financial institutions, including credit unions, are prime targets for cybercriminals due to the sensitive financial and personal data they handle.

Ransomware attacks are increasingly costly to financial organizations, with the average cost reaching $5.13 million in 2024. (1) According to CrowdStrike’s 2024 Global Threat Report phishing, ransomware, and third-party breaches remain the top cyber threats facing credit unions today. (2) Additionally, the NCUA has warned that smaller credit unions are particularly vulnerable, as they often lack the dedicated cybersecurity resources of larger financial institutions.

Recognizing these growing risks, the National Credit Union Administration (NCUA) implemented a new rule requiring all federally insured credit unions to report significant cyber incidents within 72 hours. This rule, which took effect on September 1, 2023, is designed to enhance regulatory oversight, improve threat intelligence sharing, and help mitigate systemic risks to the financial sector. By understanding this regulation and implementing strong cybersecurity measures, credit unions can better protect their members and maintain compliance. (3)
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Microsoft 365 is familiar to most businesses as a powerful suite for small businesses, offering collaboration, communication, and productivity tools. However, securing this platform requires more than just the initial configuration. A robust hardening strategy must evolve alongside internal processes and external threats, ensuring your organization remains protected over time.

Let’s explore what an M365 hardening strategy entails, why it’s essential, and some technical steps you can take to secure your environment effectively.

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The holiday season is upon us! While the season offers increased sales for many small businesses, it also marks a period of heightened risk for cybersecurity attacks. With the surge in online shopping, remote work, and holiday distractions, cybercriminals see this time as an opportune moment to launch targeted attacks. As we enter the busiest shopping season of the year, small businesses must be aware of the rising threats and take proactive steps to protect their systems and sensitive data.

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Cybersecurity is essential for businesses of all sizes, including small businesses that may think they’re too “under the radar” to be targeted. In fact, nearly half of cyberattacks target small businesses, making it crucial to adopt effective cybersecurity measures. A key component of a robust security strategy includes third-party penetration tests and ethical hacking, both of which help businesses proactively identify and address vulnerabilities. This blog will explain what third-party penetration testing and ethical hacking involve, how they’re used to enhance cybersecurity, and how small businesses can integrate them into their security plans.

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October marks Cybersecurity Awareness Month, a vital reminder for individuals and businesses alike to stay vigilant about their online safety. This year’s 2024 theme, “Secure Our World”, highlights the importance of taking small, actionable steps to safeguard digital environments. With cyber threats evolving rapidly, small business owners must be especially proactive in protecting their operations from potential attacks. Fortunately, staying safe online doesn’t have to be complicated. This blog identifies four easy ways your business can strengthen its cybersecurity defenses, along with real-world examples of companies that didn’t follow these simple rules and suffered the consequences.

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