5 Things Credit Unions Can Learn from Cyber Attacks

  • Share:
technology

5 Things Credit Unions Can Learn from Cyber Attacks

Distributed denial-of-service (DDoS) attacks are sophisticated cyber-attacks where criminals attempt to disrupt a machine or network’s online services by overwhelming it with high-volume traffic.

The goal of DDoS attacks

There is a number of reasons why cyber criminals would want to use a DDoS attack, ranging from so-called “hacktivism” — a term given to activism through the medium of hacking — to ransomware, stealing customer data, holding online properties for ransom, and even hiding fraud. The National Credit Union Association (NCUA) reports a wave of DDoS attacks last year that nearly overwhelmed Automated Clearing House systems was actually related to what appears to be an internet conspiracy.

According to the NCUA, “These attacks on the payments system are part of a concerted fraud scheme based on conspiracy theories found on social media and member-only blogs and chat rooms across the internet. Although these theories are easily refutable, it is important to know their basic premise: Several groups or individuals believe there is property or money being held in a trust that was set up at birth for every citizen by the U.S. government. All the supposed owner needs to do to access these funds through the payments system is to use the Federal Reserve Systems’ routing numbers and the owner’s social security number as the account number.”                                                                               

To make the situation worse, instructions for carrying out this fraud have been widely posted on social media and video-sharing platforms, enabling even amateur cyber criminals to commit DDoS attacks. For credit unions, DDoS attacks are dangerous distractions that can damage member trust and the credit union’s reputation.

What can credit unions learn from previous attacks?

Here’s what credit unions can take away from previous DDoS attacks:

  1. Attackers like going after those who are vulnerable, so don’t be vulnerable. Make your credit union look like a harder target, which will discourage all but the most dedicated attackers.
  2. Multi-vector DDoS attacks have remained the top threat. Internet security firm Verisign reports that 58 percent of DDoS attacks have at least two attack types. Polymorphic attacks, or attacks that change over time, can present a serious threat to even the well prepared.
  3. Spread out your internet infrastructure. Having all your eggs in one basket means a predator could more easily snatch all of them, so make sure to build in redundancy.
  4. Don’t rely on just one mitigation service or firewall. Having layered defenses could mean the difference between being protected or being breached.
  5. Even the best written plan or mitigation strategy isn’t complete without testing. A proper DDoS simulation, like a fire drill, can help a credit union confirm if their preparations are up to par.

Learning from past attacks means being better prepared in the future to halt attacks and recover faster. 

  • Share:


« Return to "Trends"
TrendScan logo
<< Back to Articles

Latest Trends

  1. Identifying Marijuana-Related Businesses
  2. Cut Through the Noise and Deliver Value Members Want
  3. 3 Key Factors for Creating Good Content
  4. Preparing a Transparency Communication Plan
  5. A Content Management System Will Make Your Life Easier
  6. Enterprise Risk Management — Where to Start
  7. Why You Need ERM in Your Strategic Planning
  8. Credit Unions Could Replace Predatory Lenders
  9. Just How Distracted Are Consumers?
  10. Opportunities and Risks of Banking for Marijuana-Related Businesses
  11. Are You Properly Rewarding Your CEO?
  12. The Quickest Way to Understand Enterprise Risk Management (ERM)
  13. The Easiest Way to Deliver Content for Employee Development
  14. What Borrowers Wished Credit Unions Knew
  15. What Is a DDoS Attack and Why Should Credit Unions Be Concerned?
  16. 5 Things Credit Unions Can Learn from Cyber Attacks
  17. Are You Ready to Adopt a Continuous Performance Management System?
  18. Consumer Attitudes Toward Digital Advertising
  19. Three ways to up your social media game
  20. Omnichannel Delivery: Banking Based On Members
  21. Experience Company Growth and Discovery with Employee-Driven Communication
  22. Preparing for Compensation Transparency
  23. Is Your Credit Union Supported by the Four Pillars of Digital Banking?
  24. Should You Still Be Concerned about ADA Website Compliance?
  25. Learning Management Systems: What Credit Unions Should Consider
  26. Keep content relevant, short, iterative and engaging
  27. 2 Big FinTech Goals for Credit Unions
  28. Bankers associations’ opposition to mergers does a disservice to member banks and to consumers
  29. Credit Unions Have an Opportunity to Help Their Members Through Tax Season
  30. The Member Service Experience
  31. Become a Tax Resource for Members
  32. Volunteer and Young Board Members Need Development
  33. How Useful Are Member Personas for Credit Union Marketing Teams?
  34. Popular DDoS Mitigation Methods in 2019
  35. Don't Get Snagged on ADA Compliance Requirements
  36. The Quest for a One-Stop Shop Financial App
  37. Building a Website with the User in Mind
  38. What's Hot in Performance Management Technology
  39. Americans' Lack of Financial Literacy Is an Opportunity for Credit Unions
  40. The Planning Process - Improved
  41. The Quickest Way to Find the Right (and Safest) CMS
  42. The Role of HR and Hiring Managers in the Candidate Experience
  43. Credit Union Compensation: Philosophy or Strategy?
  44. Anticipating Change with a Succession Plan
  45. Americans Trust Their Financial Institutions for Tax Advice
  46. The Performance Management Conundrum: Structure vs. Creativity
  47. Your Social Media Accounts Deserve Quality Content
  48. Common Mistakes in Compliance
  49. 7 Tax Changes Your Members Need to Know About
  50. Three Ways to Enhance Compensation Strategy for an Age-diverse Workforce
  51. 3 Ways Credit Unions Can Prepare for a Cyber Extortion
  52. Content Marketing: Well Worth the Effort
  53. 3 Website Design Trends for 2019
  54. Why HR Should Take Advantage of Employee Self Service
  55. Consumer Appetites in Mobile Innovation
  56. Do You Know Why Payday Loans Are Used so Much?
  57. Continuous Performance Management is Disrupting HR
  58. People Analytics: Bringing HR and Data Together
  59. Is Your Executive Compensation Still Appealing?
  60. The Win-Win Results of Prize-Linked Savings for Credit Unions and Members
  61. The Process of Crafting a Relatable, Moving Brand Story
  62. What Credit Unions Should Do with Ambiguous ADA Standards
  63. 3 Succession Plans Your Credit Union Needs
  64. Shifts and Trends to Know About in E-Learning
  65. 6 Factors for Choosing the Right ESS System
  66. You Know You Need an LMS — Now What?
  67. Content, Tools, and Channels to Capture Consumer Attention
  68. 5 Guideposts to Measure Your Brand Promise Against
  69. The Importance of Creating Quality Content
  70. Achieving the Golden “Narrative Transport” in Brand Storytelling
  71. Leverage the Resources of Trusted Experts for Tax Season 2019
  72. The Website Audit Your Credit Union Needs
  73. Why You Should Invest in an Applicant Tracking System
  74. Selling Payments and Wealth Management Services
  75. The Best Compliance Training with New Topics You Will Need
  76. Remaining a Player in the New Home-Buying Experience
  77. Predict the Future of Mortgage Lending with Analytics
  78. Build Up Membership Through Supportive Savings Programs
  79. Prioritizing the Credit Union Employee Experience
  80. You Might Already Have the Solution to Your Current Talent Competency Gap
  81. Identify how chatbots will help you
  82. Conversational Commerce and the Rise of the Chatbot
  83. Optimizing Websites for Voice: What You Need to Know
  84. What others are doing
  85. Prepare for integration
  86. How to Identify What You Want in an ESS
  87. Serving the Underbanked and Millennials
  88. The Secret to Future-Proofing Your Organization
  89. 4 Steps to Increased Social Media ROI
  90. Wanted: Apps for Clarification and Simplification
  91. A Simple Way to Unify Your Marketing Efforts
  92. Is Your CMS the Right Fit?
  93. The Credit Union Advantage for the Digital Customer
  94. The Dream Team for Successful Online Customer Interactions
  95. Making Sure You Have the Right Leaders in the Right Seats
  96. Don't Undervalue Your Brand Promise
  97. Do you need a new compensation strategy for multigenerational staff?
  98. Empowering Employees and HR with the Latest Technology
  99. Caution: Customers Don't Always Ask for What They Want
  100. Are Your Landing Pages up to Snuff?
  101. Keeping Up with Digital Lending Convenience
  102. Are You Missing Out on the Power of Video?
  103. How Credit Unions Can Formalize the Branding Process
  104. What the C-Suite Wants out of Social Media
  105. Credit Unions Can Compete with Shadow Banks
  106. How to Generate Content with Fewer Resources
  107. 3 Factors Impacting Credit Union Compensation Plans
  108. Underestimate the Onboarding Process at Your Peril
  109. Don't Underestimate the Power of Financial Education
  110. Leveraging Social Media for Member Engagement
  111. If Your Site Isn't Mobile Optimized, You're Losing Out
  112. How Credit Unions Can Embrace Storytelling in Marketing
  113. 3 Brand Promises Credit Unions Can Learn From
  114. Protect Your Credit Union with a Website Accessibility Response Plan
  115. Finding the Best Platform for HR Technology

Related Trends

  1. Conversational Commerce and the Rise of the Chatbot
  2. Identify how chatbots will help you
  3. Prepare for integration
  4. Remaining a Player in the New Home-Buying Experience
  5. Predict the Future of Mortgage Lending with Analytics
  6. Is Your Credit Union Supported by the Four Pillars of Digital Banking?
  7. Omnichannel Delivery: Banking Based On Members
  8. The Quickest Way to Find the Right (and Safest) CMS
  9. A Content Management System Will Make Your Life Easier
  10. Credit Unions Could Replace Predatory Lenders
  11. 5 Things Credit Unions Can Learn from Cyber Attacks
  12. Do You Know Why Payday Loans Are Used so Much?
  13. What Borrowers Wished Credit Unions Knew
  14. Serving the Underbanked and Millennials
  15. Should You Still Be Concerned about ADA Website Compliance?
  16. Don't Get Snagged on ADA Compliance Requirements
  17. Consumer Appetites in Mobile Innovation
  18. The Quest for a One-Stop Shop Financial App
  19. Wanted: Apps for Clarification and Simplification
  20. What Credit Unions Should Do with Ambiguous ADA Standards
  21. What Is a DDoS Attack and Why Should Credit Unions Be Concerned?
  22. Building a Website with the User in Mind
  23. 3 Ways Credit Unions Can Prepare for a Cyber Extortion
  24. 3 Website Design Trends for 2019
  25. The Credit Union Advantage for the Digital Customer
  26. Optimizing Websites for Voice: What You Need to Know
  27. Is Your CMS the Right Fit?
  28. 2 Big FinTech Goals for Credit Unions
  29. Caution: Customers Don't Always Ask for What They Want
  30. The Website Audit Your Credit Union Needs
  31. Keeping Up with Digital Lending Convenience
  32. Protect Your Credit Union with a Website Accessibility Response Plan
  33. Credit Unions Can Compete with Shadow Banks
  34. Popular DDoS Mitigation Methods in 2019

Industry insights
to your inbox!

Subscribe