RBK Credit Union Benchmarking Results – The Dark Reality of Cyber Security

As we prepare to present the findings of our Credit Union Benchmarking Survey at our annual Credit Union Seminar next week, statistics released by AAG have reported that: 

  • Around $236.1m ransomware attacks occurred globally in the first half of 2022 
  • Data breaches cost an average of $4.35m in 2022 
  • The most common threat is phishing

It is therefore not surprising that the RBK credit union survey has revealed that credit unions are reporting that cyber-attacks have increased by a multiple of 5 times in a year. In addition, cyber security is now the top risk being managed by credit unions.

The RBK research shows that improvements are needed in a number of areas such as;

  • Policies and procedures 
  • Training 
  • Testing 
  • Detection and 
  • Prevention

In 2021, the Central Bank released guidance on Operational Resilience. This guidance requires that Credit Unions implement an operational resilience framework with the deadline for demonstrating compliance at the end of 2023.

Given the prevalence of Cyber risk, it will be important that Credit Unions continue to actively manage this risk and ensure that it is considered in the development of Operational Resilience Frameworks.

RBK will be presenting more on our findings at our annual Credit Union Seminar which takes place on Thursday 25 May in the Johnstown Estate. Register your attendance here.

Michelle O'Donoghue

Governance, Risk and Assurance Partner

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