Credit union members will often say their financial institution is a lot like a bank, except for the more personalized service, better rates, lower fees, and a real sense of belonging. Credit union professionals have a certain mindset, driven by these core values, that shapes their decision making. While the credit union mindset provides a guide for making critical choices, it shouldn’t inhibit initiatives that help the organization strengthen and grow.
Fierce member loyalty is a point of pride for established credit unions. This loyalty is a strength that can be leveraged, but it also has to be nurtured. At the same time members are sticking by their credit unions for core services, upstart financial companies continue to lure away lucrative parts of the business. That means nothing can be taken for granted, including cybersecurity. Effective protection may mean re-framing some accepted credit union truths.
Members don’t want to be bothered with security – Sure, overly cumbersome security measures are a turnoff if members believe there’s an easier way. On the other hand, they’ll be reassured when they experience security in action, like intuitive multifactor authentication. Still, the work you do behind the scenes to detect and thwart cyber threats allows you to deliver convenience with minimal barriers.
The Blumira platform is on the job 24/7 with comprehensive cybersecurity monitoring. When a priority threat is detected, it’s blocked automatically. Every detection comes with a playbook – backed by human cybersecurity experts – to help with incident mitigation. This is the stuff members don’t see. With Blumira on the job, they’re also less likely to see news of a data breach or ransomware event.
Members are resistant to change – The challenge of having a highly engaged membership is how comfortable they are sharing their opinion – about everything. Vocal members can give the impression that any change will have consequences. In fact, even long-term members expect their credit union to keep up with modern technology and protect them from modern risks. Good communication needs to accompany any new initiatives that impact members – not just what’s happening, but why and what it means.
With Blumira working behind the scenes, members can be reassured about advanced threat detection measures at the same time you’re educating them on measures they can take to protect their accounts.
Tech priorities should be member facing – There’s no shortage of projects on credit union technology roadmaps. But there’s always a shortage of budget. Projects that get the most attention are new products or services that help you keep up with the competition. That’s perfectly understandable. But you can’t afford for cybersecurity protection to slip down the priority list just because it’s not marketable. Without it, you risk having everything else come to a screeching halt when an intruder successfully gains access.
Still, you can get comprehensive protection without outsized expenditures of money and time. The Blumira platform is easy to set up, easy to use, and automated. That means you won’t have to hire cybersecurity experts or consultants, and your team will spend very little time watching over it – while Blumira spends all its time watching over your IT environment.
Everything needs to be done by the book – You can’t argue with this mindset, especially when you’re a financial institution. But it’s not helpful when competitors are moving fast and breaking things. This mindset can lead to slow results if processes are unnecessarily meticulous.
The grip of paperwork paralysis can be especially acute when it comes to regulatory compliance. It used to be that a team of people would have to set aside their day jobs in order to assemble the information needed for an NCUA exam. Now, the Blumira SIEM automatically collects the activity logs you’re going to need. You can generate standardized reports or design your own. Everything by the book, just a whole lot faster.
Reframing some aspects of the credit union mindset doesn’t mean discarding what it means to be member-focused and community-minded. In fact, your cybersecurity strategy supports everything your members expect from their trusted financial institution. Blumira has been protecting credit unions from the start. Let us show you how small- and mid-sized financial institutions are benefiting from Blumira.
Try Blumira XDR free for 30 days or use our Free SIEM with three cloud integrations and 14 days of data retention forever. Sign up to start protecting your organization in minutes.
