| | Dec - 2019-Jan - 2020ENTERPRISE SECURITY8PROTECT FINANCIAL INSTITUTIONS STRATEGICALLY, FROM THE ENTERPRISE TO THE INDIVIDUALFinancial institutions are targeted relentlessly by cyberwarfare. The threats are daunting, sometimes involving bad actors sponsored by other countries, and they arrive around the clock. The sophistication and seriousness of attacks evolve continually, and in the financial world, we expend tremendous energy behind the scenes to fend them off. At First Tech Federal Credit Union, we're on the front lines. We're constantly evaluating and updating the solutions we use to protect our members and our enterprise, and we've always strived to be a catalyst in tech innovation across the credit union industry. Yet we've found that even the most cutting-edge cybercrime-fighting tools can't do their job without another level of defense. That's where the human touch comes in. First Tech is a $12 billion-plus institution primarily serving California, Oregon and Washington, with roots in the community that reach back to the 1950s. Protecting our members' investments, and shielding them personally from fraud, data breaches, and identity theft are vital to preserving our credibility and reputation. We also have to meet the demanding regulation requirements, particularly in the realm of money-laundering and fraud-related concerns. For these reasons, our organization's leadership is on board with investing in solutions to confront and ward off financial crimes. These include firewall and intrusion protection, a fraud detection system, behavior analysis tools, and a 24/7/365 Security Operations Center for our members. Beyond the marquee threats are the attacks that come on a more granular level, such as phishing schemes. Alarmingly, these are some of the cheapest and most effective means that criminals use to gain access. The tools we deploy are helpful and necessary--but rather than focusing solely on those, we are also working to develop an enterprise-wide awareness about the need for security at the individual level. This ultimately will accomplish far more than the tools can by themselves. Work with employees to foster a security-aware culture In the global cyberwarfare campaign, people are the weakest link. A phishing attack, for example, can sail right through all the defenses an organization may invest in. The strategy is to appear trustworthy and persuade an individual to allow access into a company's security infrastructure. Spear phishing, an attack targeted to a specific employee, relies on the use of personal information about targets, which sometimes is gathered in advance and even from a prior breach. By Grant Gaines, Senior Director of Cybersecurity, First Tech Federal Credit UnionIn My Opinion
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