Credit unions must consider the safety of their information, both for their own sakes as well as for that of their members. Many credit unions have taken to hiring third-party security consulting companies to meet their needs. What are the top three things to consider when choosing a credit union security consultant?
It’s All About the Benjamins
This is where we put the bottom line up top. The number one thing to consider when bringing on a third-party security consultant is cost.
Hiring a security-minded IT expert can cost your credit union a hefty annual sum. In fact, just finding the right person to fill your needs can represent quite a challenge.
The top reason to bring on a security consulting company for your credit union is that it will save you money. At Ongoing Operations, we have over 40 years of experience in incident handling; we bring that experience to credit unions at a fraction of what it would cost to hire another IT staff member.
Real World Experience
You’ll want to know that whoever you hire to address your security needs is familiar with the ins and outs of credit unions and their technology. It’s important that the people you trust to protect your credit union are familiar with the specifics of how to protect credit unions. We’ll call that “real world experience.”
No, none of our security experts have been featured on the reality TV show The Real World. What we do bring to the table is a history of high-level employment at credit unions.
Many of Ongoing Operations staff have worked long years in the upper levels of credit unions. We have ex-CIOs and ex-CTOs on board, all of whom carry with them a deep and extensive understanding of credit union technologies, credit union tools, online banking platforms, and more. If credit unions use it, then we’ve used it too.
Compliance, Compliance, Compliance
The National Credit Union Association (NCUA) is going to want to know that your credit union meets compliance. New regulations emerge quickly in this field, and staying on top of new rules and practices can be a tricky affair. You’ll want to look for security consultants who can demonstrate compliance.
Ongoing Operations has a good background in dealing with the NCUA. We work with their examiners to ensure you remain in compliance.
We anticipate their questions and know what they’re looking for. Our goal is to prepare for everything they might ask about so that we can deliver the right answers. Nevertheless, over-preparedness is part of the security game, and we make sure to build contingencies in place to keep the examiners happy.
Hiring a security consulting company for your credit union will help you in many ways. For example, we always think of the time they free up for IT departments to handle their other duties, as well as the peace of mind granted by bringing in a team of experienced professionals. If you’re looking at our top three considerations though, we think these are the questions you need to ask:
- Are they cost-effective?
- Do they have considerable credit union experience?
- How well do they demonstrate compliance?
If you don’t like the answers to those questions, you may want to keep looking until you find a security consulting company that works for you.