Credit Unions Secure Critical Data with Arctic Wolf

Hundreds of Credit Union Security Leaders Secure Critical Data with Arctic Wolf

Credit unions continue to be prime targets for cybercriminals due to the highly confidential nature of the data they possess. Adding to the complexity of protecting sensitive data, they must also comply with stringent federal and state regulations and industry compliance requirements.
While they are expected to battle all the same challenges, credit unions typically have smaller operating budgets and fewer resources than larger regional or national financial institutions. Lack of visibility across a patchwork of siloed systems, compliance and reporting obligations and overburdened teams distilling thousands of alerts from multiple systems compound the industry’s ongoing challenge to fortify defenses against increasingly sophisticated attacks.

Schedule an overview to learn why our credit union customers trust Arctic Wolf to:

  • Monitor environments 24x7 to detect and respond to cybersecurity threats.
  • Provide continual vulnerability assessments.
  • Identify threats targeting network or cloud applications.
  • Conduct cybersecurity awareness training for security teams and employees.
  • Help them meet data security compliance obligations.
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Schedule a demo to learn how Arctic Wolf secures credit unions.

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How Arctic Wolf
Can Help

Arctic Wolf covers more than
0
credit unions nationwide today.
Arctic Wolf is a comprehensive security operations partner that not only reduces the need for multiple point products and services but that also provides strategic guidance and expertise.
Learn why credit union security leaders trust Arctic Wolf &#8594

Threats & Concerns

As cyber threats continue to evolve, credit unions remain an attractive target for cybercriminals.
Nearly half of all credit unions and more than half of their vendors could have critical vulnerabilities in their technology that leave them at increased risk of cyber attacks according to a new report from Black Kite.
The biggest risks include vendor weaknesses, a lack of email security, and out-of-date computer systems. Cyber attacks on credit unions could result in financial risk ranging from $190,000 for small credit unions to over $1.2 million for larger institutions, according to the report. Researchers calculated that the financial impact of an attack on just one vendor could exceed $1 million for large credit unions and $300,000 for small credit unions. That does not account for the fact that credit unions may be using a number of vendors.

The most common cybersecurity threats facing credit unions today:

Account Takeovers (ATO)

  • Once inside a breached network, this type of malware harvests online account credentials.
Ransomware and Sophisticated Cyber Attacks
  • With a ransomware attack occurring every 11 seconds, credit unions must be vigilant.
  • According to Arctic Wolf Incident Response data the average ransom for financial institutions was $900,000 USD, an amount which can cause major damage to these smaller organizations’ budgets. Source
  • With today’s geopolitical tensions, the risk and sophistication of cyber warfare has grown.

Insider attack, in which an employee or trusted vendor compromises an institution’s data

Vulnerabilities via the adoption of new fintech exposing credit unions to more attack openings

Nearly half of all credit unions could have critical vulnerabilities in their technology.

Source: HELP NET
Source: State of Sec Ops in 2021, Forrester

Cyberattacks on credit unions could result in financial risk of up to $1.2M.

Source: HELP NET
Credit Union Cybersecurity Challenges

BUSINESS DISRUPTION

$ 0 M

the average cost of a breach in the financial industry

EXPOSED CREDENTIALS

0 %

of credit unions that have breached employee credentials available on the dark web.

UNPATCHED VULNERABILITIES

0 x

Credit unions are 300x more likely to be targeted by a cyber attack

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