Internet Banking Security: Four Considerations

December 1, 2005

Internet Banking Security: Four Considerations

By Patrick Totty

Jim Maloney, chief security executive for Corillian Corp., Hillsboro, Ore., says financial institutions will continue to see methods of attack evolve: Trojan horses, viruses, phishing, and pharming.'

That's why credit unions should keep four things in mind about security:

  • View security not as a cost but as an investment in protecting your brandand reputation. It protects your relationship with members. Smaller credit unionsare vulnerable to a grand hack, so the investment is worth it.
  • Don't assume you can address security solely with technology. People andprocesses figure in it, too. The formula is hardware/software, plus an educatedstaff, sound policies and procedures, and member outreach.
  • Educate members. It's better to err on the side of making members a littlenervous than avoiding the issue. Let them know what they can do to be safe. OfferFAQs, monthly security tips, and other instructive reminders.
  • Consider security as an arms race. New threats and vulnerabilities alwaysarise. You can't just make a one-time purchase of equipment or software and thinkyou've made security issues go away.