Cybersecurity Leadership Shortcomings Put Vulnerable Credit Unions at Risk, Says SBS CyberSecurity

Cybersecurity Leadership Shortcomings Put Vulnerable Credit Unions at Risk

In a revealing study conducted by SBS CyberSecurity, critical deficiencies in cybersecurity leadership have been uncovered, particularly among the nation’s most vulnerable credit unions—entities with assets of less than $150 million. Despite their routine risk assessments, these institutions could find themselves increasingly susceptible to cyber threats due to inadequate leadership and support structures.

The survey indicates that while many smaller credit unions perform quarterly or annual risk evaluations and generally feel confident in their cybersecurity measures, a concerning 77% lack a specifically designated cybersecurity leader. Only about 23% of these institutions have individuals in roles such as Chief Information Security Officer (CISO), Information Security Officer (ISO), or virtual CISO tasked with overseeing their cybersecurity initiatives. The absence of dedicated leadership has significant ramifications, including potential shortcomings in staff training, incident readiness, and coordinated responses to cyber incidents. Without a clear organizational figure to manage cybersecurity programs, credit unions may be leaving themselves vulnerable to exploitation.

The risks that keep credit union leaders awake at night are substantial. The survey highlighted that the top threats include ransomware attacks, data breaches, and social engineering tactics, with reputational damage trailing closely behind. Unfortunately, the limited financial resources of these credit unions, combined with a pressing shortage of skilled cybersecurity professionals, create an uphill battle in their fight against cyber adversaries.

Chris Hoff, Director of Professional Services at SBS, acknowledged the efforts that credit unions are making to safeguard their members and operations but asserted that routine assessments are insufficient.