Insights from Catalyst

By Diana Hennel, SVP, Chief Technology Officer

October marks the beginning of Cybersecurity Awareness Month (CAM), a timely reminder of the ever-present threat landscape that financial institutions like Catalyst must navigate. For the eighth consecutive year, Catalyst Corporate will participate as a CAM Champion, emphasizing the importance of safeguarding sensitive financial information and educating members and employees on best practices.

Email security: your first line of defense

One cardinal rule to remember during CAM and beyond: Catalyst will never ask you for your credentials through email. This fundamental principle is vital in combating phishing attempts and email-based scams that have become increasingly sophisticated. Cybercriminals often pose as trusted institutions to trick individuals into divulging personal information, and our commitment to never soliciting credentials through email helps protect our members against such threats.

Employees: your weakest link and your strongest asset

It's a well-known adage in cybersecurity circles that employees can be the weakest link in an organization's defense. In fact, it is estimated that over 95% of security breaches are due to human error. However, employees can also be an organization's strongest asset. Catalyst recognizes this duality and invests in comprehensive employee training programs to ensure that our team is well-equipped to identify and thwart potential threats. Catalyst is here to answer questions credit unions might have about implementing a training program.

Incident response: a critical component

Cybersecurity professionals will say that they must get it right every day, but the criminals only have to get it right once. In today's threat landscape, it's not a matter of if but when some type of cybersecurity incident will occur. This is where having a strong incident response plan becomes paramount. Catalyst takes this aspect of cybersecurity seriously, understanding that an efficient and well-coordinated response can mitigate the damage caused by a breach.

A good incident response plan includes a clear chain of command, pre-defined roles and responsibilities and regular testing.

Tabletop exercises: testing your controls

Tabletop exercises are not just a box to check; they are a critical component of an organization’s commitment to cybersecurity and should be a part of every good cybersecurity program. These simulations provide a safe environment to assess readiness to respond to cyber threats, evaluate a team's effectiveness, and fine-tune incident response procedures. Through these exercises, an organization uncovers vulnerabilities that may have gone unnoticed otherwise, enabling fortification of defenses and continuous improvement in your cybersecurity posture.

As we head into CAM, Catalyst reaffirms our dedication to safeguarding the financial well-being of our members. Remember that employees play a pivotal role in our collective cybersecurity strategy and that planning is the key to reacting in the event of a breach in this ever-evolving digital landscape. By working together, we can enhance our collective resilience against cyber threats and keep financial data safe and secure. Stay vigilant, stay informed, and let's make every month Cybersecurity Awareness Month.