NIST Privacy Framework : Our Essential Data Protection Guide



Securing Member Data: 5-Step Roadmap for Credit Unions

August 31, 2023

As member-controlled cooperatives, credit unions have a built-in advantage compared to the faceless big bank: trust. Driven by relationships and personalized service, the credit union stands apart as a financial institution. A study in 2014 found that credit unions were twice as trusted as big banks.

Of late, however, the gap seems to be narrowing. In 2019, for the first time, credit union member satisfaction lagged behind that of bank customers, according to the American Customer Satisfaction Index. A sturdy reputation forged over decades is in flux.

To recapture their edge, credit unions must gravitate back to their core differentiating trait. Strong relationships are the name of the game. But earning and maintaining trust in today’s environment requires a different mindset than it did in the past. For modern credit unions, member data security is an utmost priority.

For Credit Unions, Data Security Can’t be Ignored

Data security can seem like a complicated subject, because it is. The unfortunate reality is that most financial institutions are awash with data, to the point where it is distributed across numerous devices, networks or servers with little organization or accountability. Moreover, this sprawling collection of data is building up all the time, through the day-to-day flow of business.

Many don’t realize the severe risks that unseen and unclassified data can pose for a credit union, potentially putting member trust in peril. Breaches are common across the United States and the financial sector is especially vulnerable. From ransomware attacks to insider threats, unprotected data is constantly at risk – along with your credit union and its reputation.

A Future for Credit Unions Founded on Trust in 5 Steps

Fortunately, while the problem may be complex and daunting, the solution is not. Our new guide, Securing Member Data: A Five-Step Roadmap for Credit Unions, equips you with the insight you need to protect your credit union and its members from lurking bad actors. Within, you’ll discover how your institution can build a powerful data protection strategy, and turn member data privacy into a key value proposition:

  • Step 1: Develop a strategy for trust
  • Step 2: Understand the threat landscape
  • Step 3: Identify and classify sensitive data
  • Step 4: Protect against sensitive data risks
  • Step 5: Forge ahead with confidence

Today’s credit union cannot afford to endanger the sacred trust of its members. The time to take action on sensitive data risks is now. Connect with our data security experts start your journey.