Credit unions can win big with bets on these three main ingredients of a robust protection strategy. By Terrence Griffin Sponsored by CO-OP Financial Services 
Increasing security, reducing fraud and minimizing risk are the three main ingredients of a strong and robust security strategy. But how can credit unions achieve this trifecta of protection? The basic tools and methods of increasing security must be supported by a dedicated and committed organizational mindset to expand beyond the basics of “just enough” security. Fraudsters' constantly advancing techniques and eye toward exploiting each new opportunity are the enemy of a good security strategy. The only guard is constant vigilance. A strategic approach to the 24/7 battle to increase security, reduce fraud and minimize risk should include at least the following eight points: 1. Build a strong overall organization security system. It’s been said often in sports that “Good defense wins championships.” It’s perhaps the essence of security. 2. Mitigate fraud with clear processes and procedures. If security efforts have both allies and foes, confusion over what to do is surely a foe. 3. Set up limits to data access for temporary employees, vendors, partners and staff. Not everybody has a “need to know” everything. 4. Consider the security risks associated with new product introductions, and budget accordingly in terms of new internal processes and member education. 5. Build a strong vendor management program. This is particularly important for credit unions, which so often rely on shared and outside services to compete in the financial marketplace. 6. Work closely with human resources to perform background checks and other HR functions to minimize employee turnover. The most complex link in the security chain is the human being. 7. Invest in technology that works for your budget. Don’t buy a sledge hammer when a regular hammer will do. On the other hand, don’t let frugality determine decision-making. 8. Involve executives and board up front to ensure budgets and expectations align. Fighting fraud touches every aspect of an organization; it needs to be led from the top. The history of payments is a story of constant change driven by the need to make it easy to pay for things (convenience), and to make that transaction free of the fear of fraud (security). Today, convenience is boldly taking a step forward. Is your institutional commitment to increasing security, reducing fraud and minimizing risk doing likewise? Terrence Griffin is chief information officer of CO-OP Financial Services, a financial technology provider to credit unions based in Rancho Cucamonga, Calif. He can be reached at 866.812.2872. Also read "Tech Time: Cybersecurity Assessment Tool," "Are We Safe Yet?" and "On Compliance: Strategic Vendor Risk Management" from Credit Union Management magazine. You may also be interested in attending CUES School of IT Leadership, slated for Sept. 27-29 in Charleston, S.C.
