If you think cyber threats in the financial sector have grown, you’re right. The good news: So has cybersecurity. In 2022, the global financial industry reported 1,829 incidents, down 28% from 2021.*

Like any financial institution, LUSO Federal Credit Union enjoys enormous trust from the public in terms of how we safeguard financial data, a trust we work hard to maintain. For us, data security is about more than protecting assets. It’s about preserving the faith you place in us. Here’s a quick overview of cybersecurity and a few tips you can follow to protect yourself.

Consequences of Cybercrime

Most cybercrimes fall into two categories: data breaches or sabotage. Breaches are relatively straightforward. They involve breaking through cybersecurity measures to harvest financial data and client details. Sabotage is meant to impair or cripple operations, such as releasing disabling viruses. Regardless of the tactic, at least two consequences are possible:

Identifying Risk

Sound financial institutions start with risk assessment to classify various types of data by the damage their loss or exposure would cause to critical operations, business partners, members, etc. The next step is to identify vulnerabilities and determine how to address them.