VIEWpoint Issue 1 | 2023
2023 Compliance Trends: Staying Ahead in an Evolving Regulatory E...
2023 Tax Calendar
It’s easy to see why cybersecurity is one of the most critical issues businesses face today. All you need to do is look at the Internet or turn on the TV to learn about the latest data breaches and other cyber attacks. And it’s no surprise the financial institution industry is among those most affected by these attacks.
Recognizing the problem and determining what to do about it, of course, are different things — and many bank and credit union executives aren’t sure where to start. A good first step is to become familiar with some of the most common cyber threats. Then you can conduct a risk assessment to identify and quantify your institution’s specific vulnerabilities and develop a plan for addressing these threats.
Here are five of the most common cyber attacks used against credit unions and banks:
These are just a few of the many cyber threats against banks and credit unions today. As you can see from the variety of techniques used, cyber attacks may be designed to steal money or information or disrupt an institution’s operations. They may target the bank or credit union itself, its customers/members or its service providers.
And attackers don’t just focus on technological vulnerabilities. They also use social engineering techniques to trick people into divulging confidential information or providing attackers with access to the institution’s systems.
The key to combating cyber threats is to conduct a comprehensive risk assessment that identifies your financial institution’s potential access points and vulnerabilities, and quantifies the potential cost of a breach. Let Doeren Mayhew’s team of credentialed IT and cybersecurity advisors help you. We can perform a risk assessment to identify your financial institution’s weaknesses and develop a roadmap to mitigate future risks. Contact us today to learn more.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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