What happens to a credit union following a cyberattack? Traditionally, loss of member data, direct theft from accounts, regulatory scrutiny and the requirement of refunding members’ money or replacing cards are some of the most common aftereffects.
But an even more worrisome cyberattack effect is the disruption to business continuity and inaccessibility of online banking, mobile banking and ATM networks. In fact, a disruption to service could potentially affect credit unions even more dramatically than would a data breach.
Maintain your critical operations no matter what happens! Become a Certified ISO 22301 BCMS Lead Implementer with ContinuityLinkSo, just as a credit union plans for business continuity related to natural disasters, it also should prepare specific plans for responding to a cyberattack. A business continuity plan provides an organization with appropriate instructions and procedures as a response to a disaster. Such continuity plans cover the areas of assets, human resources, notifications to business partners and the management of business processes.
It’s important to note that a successful cyberattack disaster recovery plan is regularly updated and tested by all relevant employees.