Security News > 2021 > March > The financial impact of cybersecurity vulnerabilities on credit unions

Cybersecurity vulnerabilities among credit unions and their vendors create the potential for large financial impacts to the credit union industry, according to a Black Kite report.

The research analyzed the cybersecurity posture of 250 NCUA credit unions and 150 vendors commonly used by credit unions.

These vulnerabilities create the opportunity for significant financial impacts if credit unions are attacked directly or via a third-party that has access to credit union networks.

Direct attacks to credit unions estimate an annual financial risk ranging from $190,000 for small credit unions to more than $1.2 million for large credit unions.

Researchers calculated that the financial impact of an attack on just one vendor could exceed $1 million for large credit unions and $300,000 for small credit unions.

Ultimately, credit unions can reduce financial risk by addressing and remediating critical cybersecurity vulnerabilities.

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