This Insights article was contributed by Kyle Hanlon, Corning Credit Union Information Security Analyst, and Keith Vandegrift, Corning Credit Union Information Security Team Leader.

A data breach or loss of data of some kind is a major area of concern for many. Whether it’s a business’s data or personal data, any unauthorized access or leak of information could be damaging. As more and more digital disrupters enter the online financial services space, financial institutions (FIs) need to adapt quickly to remain relevant and serve their members. While many FIs have safeguards in place to help protect data, it’s important to understand the role everyone should play to ensure information remains secure.

Understand how your financial institution protects data
 
By understanding how your FI protects your data, you’re one step closer to becoming fully aware of how your information and data is being secured. Security-minded institutions that focus on data security often demonstrate their efforts through education and awareness. In addition to education and awareness efforts, other actions are taken, such as investments in secure services like online banking, and good practices to accurately identify and validate customers when providing services. If you’re unsure of how an institution is protecting you and your data, ask a representative from the credit union or bank to ensure your data is safe.

Take the necessary steps to keep your information safe
 
Even though your FI is doing its best to protect your data and information, you also need to take the necessary steps to keep your information safe. In most instances, fraudsters are casting a big net in an attempt to gather information, which means everyone is potentially at risk. That’s why everyone must play a role in data security; not just the FI. Partner with your institution and digital services providers to ensure you’re doing your part to protect information. Here are a couple of quick tips to get you started:
 

• Learn more about how you can protect yourself
  In an effort to not fall victim to a security breach, you can be proactive by staying up-to-date on current security events and threats through research. You can also set up alerts, learn how information is collected, report theft, and know what safeguards your financial institution has in place.

 

• Create strong passwords and use multi-factor authentication
  A main security concern for individuals and businesses is passwords. It’s essential to create a strong password that could prevent someone from accessing your information. However, a strong password/passphrase is no longer sufficient. Even if you create a strong password, your information is still potentially at risk. To make sure your information is even more secure, multi-factor authentication needs to be enabled to ensure that a lost or stolen password does not give a hacker the keys to your kingdom.

 
The CCU approach to data security
 
At Corning Credit Union (CCU), we take a comprehensive approach to decisions on data security and privacy. These decisions are made with consideration for the best interest of both our members and employees. This approach includes multiple layers of protection and monitoring, continuous evaluation, and improvement as new threats are identified to ensure CCU maintains an effective security program. Additionally, as new services and features are implemented, we maintain proper risk evaluations and vendor due diligence to ensure CCU’s security standards are also being met by all of our partners.
 
In addition to our comprehensive approach, we pride ourselves on being a “Cyber Aware” team. It’s demonstrated daily in our team’s communication and dedication to providing easy to use and secure tools for our members and teammates. Not only is CCU protected by a team dedicated to data security who specialize in tracking the latest threats, there is also buy-in and support from leadership to ensure data security is not confined to one department, but it is a team-wide endeavor. Cyber and data security awareness training is ingrained into each CCU new hire’s onboarding process. Moreover, the entire CCU team receives multiple training sessions and takes part in security simulation exercises throughout each year.
 
We encourage individuals and businesses to understand how well their FIs focus on data security. It is possible to provide quality service while keeping the security of your information a priority. Security-minded institutions’ focus on data security is demonstrated through actions like member education and awareness, investments in secure services like online banking, and good practices to accurately identify and validate customers when providing services all while providing an excellent service experience. These attributes help demonstrate how data security and protection is built in to the credit union or bank’s processes and culture to protect you.
 
To join a security-minded institution like CCU, click here and start banking better today.
 
Federally insured by NCUA. Membership eligibility required. Loan approval is subject to lending guidelines and credit qualifications.

As a member-owned, not-for-profit, independent financial organization, Corning Credit Union exists solely to serve our members. This means that every dollar invested in CCU is returned back to our members through better rates and lower fees on our high-yield checking account, auto loans, mortgages, and more. For more information visit us at www.corningcu.org.