Confidentiality, Communications Security and Other Issues That Put Sensitive Info at Risk
Communications Security, also known as ComSec is the protocols put in place to secure the communications and data of an organization. credit unions handle tons of personal data, millions to billions of assets, and must comply with an ever-evolving and changing regulatory landscape — so credit union ComSec is a concern for all credit unions.
The digital age grows stronger every day, and with innovation comes breaches and security threats testing the boundaries and strength of each new step forward. With the growth in technology and widespread information sharing, financial institutions need to keep up with the movement and continuously be aware of the current security state. Gone are the days when safes and locks kept the gold in one place, and physical evidence was needed to prove identity.
As a primary institution, members rely on credit unions to protect their valuable assets from the growing dangers of identity theft, breaches, fraud, etc. … This protection begins in-branch with tightening operations to a lock and key level, starting with security protocols and placing restrictions on documents and member information so that it is not treated like an old newspaper. We can't forget about moments like Wendy's data breach.
We do not realize how accessible internal and personal information is to inside and outside threats. A simple document may contain valuable information like birth dates, social security numbers, maiden names, etc. – and the disposal and treatment of this common document are treated as such. Placing disposal protocol on information-sensitive documents protects your FI and your members.
In today's society, a released phone number can create months of spam calls and even fraudulent phishing scams to individuals. Even basic member information can be used against them in the wrong hands, and it is the responsibility of your credit union to create a safe storage space for their assets, both monetary and identity.
Credit Union Employee ComSec
Building on a more secure physical workspace starts at the employee realm. Have organized workspaces, and keep documents in the right place for certain needs. A messy desk can turn into a quick toss of member-sensitive documents for the purpose of clearing space. Organizational systems create a sense of order and security for employees and members.
Creating a hierarchy of accessibility can be a spearheaded plan for identity protection. Not all of your credit union employees need access to member information and documents containing it. Continuing the organization into tasks – the credit union employees that complete tasks using certain documentation are the only people who need access to those documents. This creates a lowered risk of lost documents and the spread of information.
Beyond the physical branch, accessibility restriction for digital systems is of utmost importance. So many attacks are digital, and it is important to keep system data fully secured and protected. Always keep devices and applications password protected with unique and varied passwords — Check in with core processor vendors and data linking companies to ensure security integrity.
Above all, the best way to protect your members is by helping them to protect themselves. Distribute fraud security tips with new accounts as well as reminder emails to update your members about current scams and threats. This effort not only protects your members but also builds trust and loyalty between members and FI.
Oak Tree offers compliant solutions to data linking for complaint lending and works with every data processor for smooth and simple integration. We also offer marketing services to help your credit union reach your members and share fraud security tips, tricks, and event updates. Contact us today to learn more.