Modern financial institutions offer a wide array of services, ranging from simple check cashing to handling payroll.

Still, there is one priority that every bank and credit union must share these days: data security.

It’s never been more important for these two types of financial institutions to invest in strategies that keep this kind of information far from the prying eyes of cybercriminals.

3 Ways Banks and Credit Unions Can Protect Their Data from Cybercriminals

Financial institutions have long been a favorite target of cybercriminals and, of course, it’s not hard to see why. A criminal who can breach the cyber defenses of a bank or credit union may also be able to reroute money into anonymous accounts that they can quickly empty.

However, banks and credit unions are also excellent sources of personal information. Cybercriminals love leveraging this kind of data into ploys that take advantage of individuals.

This is why every financial institution must keep their data safe.

1. Enlist Antivirus and Malware Protection Through Software and Consultants

Without a doubt, the most straightforward step every financial institution can take is merely investing in antivirus and malware protection as a first-line-of-defense for their networks.

Fortunately, there’s no lack of cybersecurity software from which to choose. Most are quite affordable, as well.

That said, and given how big a target they are, banks and credit unions should also hire cybersecurity consultants who can make changes to their networks when necessary to prevent attacks from hackers who have learned ways around antivirus and malware software. The companies behind the most popular platforms do a good job of recognizing when they need to update their software to keep pace with dedicated criminals. Nonetheless, they may not always be as fast when it comes to industry-specific attacks.

2. Send Out Regular Reminders About Phishing Scams to Employees and Customers

According to a 2018 report created by Verizon, employees was responsible for 93% of all data breaches companies suffered. A large amount of these were the result of employees falling for phishing scams, an attack that has proven time and time again, to be just as effective, as it is simple.

This risk is why banks and credit unions must continuously remind their employees that this is a constant threat. They must be careful to doublecheck senders before clicking on any links or sharing any sensitive information with them.

It’s a good idea to regularly send out emails that will educate customers, as well. They also represent a tempting opportunity to hackers who are on the prowl for data. Back in 2017, an unprecedented cyber attack victimized a Brazilian bank with a phishing scam that tricked customers into visiting a lookalike site. Once there, the unsuspecting customers input much of their private information, handing right over to criminals who were all-too-happy to take it.

3. Implement Multifactor Authentication

Another extremely simple way to help keep phishing scams from hitting their mark is with multifactor authentication (MFA).

Traditionally, people have only needed a password to access their accounts, but that gives cybercriminals just a single target for their phishing scams.

Instead, with MFA, users need a password and a second credential to prove it’s them. Often, it’s in the form of inputting a number sent to their confirmed phone number. Cybercriminals can’t intercept that information and can’t access accounts without it.

Add Managed Services to Your Bank or Credit Union for Extra Protection

Any bank or credit union that follows the above advice will make it much more difficult for dangerous cybercriminals or any other unauthorized user to access their data. However, there are one more important step financial institutions should take to keep their valuable data under digital lock-and-key.

Investing in managed services is about more than just making sure ink and toner supplies show up on time, budgets kept in check, and printers receive the maintenance they require. More and more, banking MPS (Managed Print Services) is also about cybersecurity. That’s because one of these managed services is carrying out software updates when they’re available. Doing so ensures that printers are always operating at their full potential. It also prevents cybercriminals from taking advantage of outdated software, which is one of their favorite vulnerabilities to exploit.

Don’t let your printer become an opportunity for hackers to pillage your bank or credit union’s data. Instead, let Blue Technologies help. You’ll enjoy greater peace of mind knowing that our banking MPS makes certain your printers are always running the most up-to-date software.

Contact us today, and we'll tell you about all the other ways our managed services can serve your financial institution's goals.