Compliance

Comply or Die

Don't skimp on compliance, especially as it relates to security.

August 27, 2010
/ PRINT / ShareShare / Text Size +

Think you can put off data security compliance to stretch a limited operating budget? Think again. Regulators are becoming more insistent that credit unions not only comply with federal and state financial regulations, but also with minimum standards for data handling and protection.

“Regulators are pushing data leakage prevention, where credit unions are required to know where all of their sensitive data is stored and who has access to it, and tracking when it goes out and where it goes,” says Kevin Prince, chief technology officer (CTO) at Perimeter e-Security.

Subscribe to Credit Union MagazineThe National Credit Union Administration (NCUA) is making sure credit unions have implemented firewalls, antivirus software, and intrusion protection, says Jim Stickley, CTO at TraceSecurity. “The current emphasis is on multifactor online banking protection, where you throw up more challenges to people coming in online. This includes asking for identification and answers to personal questions, or requiring visitors to have a certain cookie embedded in their computers.”

Another new emphasis, says Stickley, is vendor management—an outgrowth of regulators’ concerns with identity (ID) and data theft. For example, say Credit Union X has third-party data storage, which gives the vendor full access to confidential information. How does the credit union protect that data? The answer is to conduct due diligence on those vendors.

“The problem is that most credit unions are small operations that might have one person doing all information technology (IT) tasks—from data storage and server maintenance to replacing toner cartridges in the printers,” Stickley says. “That’s why we offer VendorTrack, a vendor management service, in conjunction with CUNA Strategic Services.”

Next: Compliance needs drive purchases

Post a comment to this story

heroes

What's Popular

Popular Stories

Recent Discussion

Great article! Unfortunately, most employees don’t feel valued or appreciated by their supervisors or employers. In fact, research has shown that the predominant reason team members quit their jobs is because they don’t feel valued. This is in spite of the fact that employee recognition programs have proliferated in the workplace – over 90% of all organizations in the U.S. has some form of employee recognition activities in place. But most employee recognition programs are viewed with skepticism and cynicism – because they aren’t viewed as being genuine in their communication of appreciation. Getting the “employee of the month” award, receiving a certificate of recognition, or a “Way to go, team!” email just don’t get the job done. How do you communicate authentic appreciation? We have found people have different ways that they want to be shown appreciation, and if you don’t communicate in the language of appreciation important to them, you essentially “miss the mark”. Additionally, employees need to receive recognition more than once a year at their performance review. Otherwise, they view the praise as “going through the motions”. A third component of authentic appreciation is that the communication has to be about them personally – not the department, not their group, but something they did. Finally, they have to believe that you mean what you say. How you treat them has to match the words you use. If you are not sure how your team members want to be shown appreciation, the Motivating By Appreciation Inventory (www.appreciationatwork.com/assess) will identify the language of appreciation and specific actions preferred by each employee. You then can create a group profile for your team, so everyone knows how to encourage one another. Remember, employees want to know that they are valued for what they contribute to the success of the organization. And communicating authentic appreciation in the ways they desire it can make the difference between keeping your quality team members or having a negative work environment that everyone wants to leave. Paul White, Ph.D., is the co-author of The 5 Languages of Appreciation in the Workplace with Dr. Gary Chapman.

Your Say: Who should be Credit Union Magazine's 2014 CU Hero of the Year?

View Results Poll Archive