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Ron Smith, president/CEO/CSO at Enbright Credit Union and CUNA board member, appeared on CUBroadcast to talk cybersecurity, IT for small credit unions, rising fraud, liquidity concerns, and more while at the National Association of State Credit Union Supervisors Summit.
“[Cybersecurity] is becoming a huge expense for us, but it’s necessary and even for the smallest credit unions as this point,” he said, adding that, “the bad actors are right there with us, if not steps ahead of us, especially with these state-sponsored actors…the expense to do this, and the monitoring systems we have to have in place is just increasing, and all of us have to include it in our budgets.”
Smith noted that the shift to work-from-home has created more of a need to protect secure information.