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Articles by Chris Sachse
Credit unions need qualified CISOs
Many credit unions struggle to manage the NCUA regulation that requires credit unions to have a Chief Information Security Officer (CISO) whose role is separate from the IT team. As with many other IT roles, credit unions are unable to hire and retain qualified CISOs due to competition with big banks and fintechs.
Changes in leadership - IT strategic steps
The credit union industry is experiencing an increased turnover in leadership as a result of mergers and acquisitions, or the appointment of new CEOs or Presidents. Often lost in the early days of transition is the criticality of IT. Understanding the full scope of an organization’s IT systems and strategies is important to ensuring the ability for new leaders to meet the needs of members now and in the future.
Lessons Learned from the Southwest Holiday Failure
At the end of 2022, amidst peak holiday travel, the mid-west was under blizzard conditions which grounded air traffic nationwide. While most airlines were back up and running after flight conditions improved, Southwest Airlines remained at a standstill. For days. Passengers missed holiday celebrations, connecting flights, cruises and more. A combination of Southwest’s unique operating process and outdated software, they were unable to get crews and planes back on schedule.
Cloud migration myths and facts: 8 things your credit union needs to know
While the COVID-19 pandemic accelerated utilization of the cloud as executive teams and boards realized how it could help address employee and member needs, the transition to the cloud is rooted in myths that leaves many credit unions unsure if it's the right decision.
360 support for small IT staffs
It is no secret that credit unions are struggling to close the talent gap like any other industry, however, we believe credit unions are positioned to succeed in the current job market because of the industry’s collaborative nature.
Is now the right time for cloud migration?
Publisher’s Note: CUInsight is hosting a free webinar Wednesday, October 5th titled, “Cloud Migration Myths and Facts: 8 Things Your Credit Union Needs to Know”. We hope you’ll join us! Register here. The credit union industry has seen rapid advancement in digital transformation since the COVID-19 pandemic. However, there are still many considering if it’s the right time to move to the cloud.
Strategic planning for IT – It starts now - CUInsight
Would you embark on strategic planning without an outside consultant? Probably not. It is difficult for leaders to lead a strategic planning session while also being part of it. While most strategic plans are comprehensive in nature, they don’t dive deep enough into key areas such as technology to effectively support an organization’s vision for the future.
Mistakes to avoid in transition to the cloud
The COVID-19 pandemic accelerated the credit union industry’s commitment to digital transformation and the adoption of more modern technologies to meet the demands of today’s members and protect data. As more credit unions transition to cloud infrastructure, they are realizing the benefits, including cost savings, flexibility, scalability, and a shift in workload allowing for more innovation and improved operations.
CUInsight Weekly Minute with Linda Lafortune - July 29, 2022
Our favorites from the week in sixty seconds Welcome to the CUInsight Minute, sixty seconds from our Director of Learning & Client Support Linda Lafortune with our favorite reads from this week. Mentioned: Gain competitive advantage with the cloud by CHRIS SACHSE, THINK|STACK It’s no secret that smaller credit unions, like small businesses, simply can’t always compete with larger financial institutions and fintechs.
Gain competitive advantage with the cloud
It’s no secret that smaller credit unions, like small businesses, simply can’t always compete with larger financial institutions and fintechs. What small credit unions have, however, that larger financial institutions do not, is a lot less red tape and politics, which makes them operationally more nimble. Because smaller credit unions have less bureaucracy to manage, they are in some ways more agile than larger credit unions, but sadly don’t always have the resources of the big banks.
CUSOs Can Help CUs Combat the IT Talent War & Build Capacity to Meet Evolving Needs
Source: Shutterstock The world is experiencing larger volumes of cyberattacks that are continually advancing in sophistication. As government agencies and companies of all sizes proactively and reactively address cybersecurity challenges, the need for more experienced teams of experts is increasing. Unfortunately, the cyber industry failed to accurately forecast the future workforce needs 10 years ago, and today demand is increasing at a steeper curve than the number of available candidates.
Designing the IT platform of the future
IT must be nimble, resilient, and scalable. This is true now, more so than ever. As a result, we need to change the way we think about how we design IT systems and think more about “platforms” in the cloud. These platforms can provide the foundation of technology that is needed now and in the future. Credit unions can no longer delay a digital transformation. It’s not about if, but when – and in order to meet the needs of members, credit unions need to embrace new platforms sooner rather than later.
Credit unions positioned to compete in war on talent
The war on talent is affecting every business of every size across all industries. Following two years of upheaval in the traditional way we work, and the fear of the unknown with a virus that continues to mutate, employees are being more selective and thoughtful about their careers. It’s no longer enough to have good health benefits and flex Fridays. People are searching for more fulfillment and the opportunity to be innovative and work differently.
The tech talent war
Credit unions, like most industries, are actively figuring out how to win the war on talent amidst the Great Resignation. The demand for tech talent across the credit union industry has never been higher as the industry finally addresses the need for digital transformation in order to compete with big banks and fintechs for new members.
Cybersecurity training for your customers
Despite widespread news coverage about the increasing number of cyber attacks – according to Trend Micro, ransomware attacks on banks climbed by a staggering 1,318% last year – financial customers are seemingly unconcerned about the risk hackers pose for their accounts and data.
Costs of a cyber attack
As our nation faces an unprecedented increase in cyber attacks – according to Trend Micro, ransomware attacks on banks alone climbed by a staggering 1,318% last year – and more expected following the invasion of Ukraine, it is imperative that credit unions ramp up their focus on cybersecurity. There are numerous costs associated with a cyber attack and one of the easiest ways to protect your credit union from those costs is to invest in cybersecurity insurance.
Cyber attacks – are you ready? - CUInsight
Since the invasion of Ukraine, the U.S. federal government has been monitoring potential increased vulnerabilities for U.S. businesses and infrastructure. So far, the attacks have been focused on Russia and Ukraine including denial of service and malware, but due to U.S. sanctions, cyber attacks could turn to the U.S., and credit unions have to be prepared.
Cloud technology for member growth
Publisher’s Note: CUInsight is hosting a free webinar Wednesday, April 13th titled, “Why the cloud matters to your members.” We hope you’ll join us! Register here. Following a year of an unprecedented number of cyber attacks – according to Trend Micro, ransomware attacks on banks alone climbed by a staggering 1,318% last year – consumers are more aware and curious about the data protections their financial institutions have in place.
Cyber attacks - What can T|S do for you?
The continued warnings of potential cyber attacks. Horror stories from organizations that have lost access to data and weren’t fully operational for months. Updates and tips from vendors. It’s information overload leaving many leaders anxious and lacking clear direction for where exactly to start in analyzing its current cyber posture and determining the right path to position the organization to be prepared for an attack.
Play the defense and upgrade your cybersecurity
We ended 2021 actively monitoring and responding to the Log4j vulnerability, which presented new opportunities for hackers to access systems and potentially impacting businesses and organizations across the country. Like many previous cyber events, the interest has faded but the US government is urging organizations to shore up defenses now in response to the increasing number – and sophistication – of attacks.
The cloud is allowed: Credit unions and cloud computing technology
Banks and other financial institutions have always been at the cutting edge of technology in their quest to better serve their customers, streamline their operations, and improve their operational security. The trend continued with the move to the cloud, with many banks being among the first of the early adopters to move their technology infrastructure, applications, and data to platforms such as Amazon Web Services (AWS).
Log4j requires ongoing monitoring
At the end of 2021, we were actively monitoring and responding to the Log4j vulnerability, which presented new opportunities for hackers to access systems, potentially impacting businesses and organizations across the country. Like many previous cyber events, the interest in the Log4j vulnerability has faded but it remains a serious threat.
Remove the haze around the cloud and explore AWS server migration service
In a time when expectations for the availability, security, and performance of IT services has never been higher—and is matched only by the hunt for a strong return on investment—more organizations are turning to the cloud to host their key infrastructure devices and data.
Elevating the digital experience for credit unions
Credit unions over the course of the last few years have been navigating a combination of challenges with digital demands. A critical need for remote work capabilities, an increased demand from members to drive mobile and web-based services, and the ongoing security threats the market faces have strained traditional IT systems and exposed a need for modernization. Innovative credit unions are turning to the cloud to meet these demands.
Tech Time: FFIEC’s revised architecture, infrastructure and operations booklet
Updated IT guidance emphasizes importance of governance, security and a clear strategy. In June of 2021, the Federal Financial Institutions Examination Council released an updated technology handbook that focuses on architecture, infrastructure and operations. The “Architecture, Infrastructure, and Operations” booklet (referred to as AIO) is one of a series that comprise the larger IT handbook.
Tech Time: FFIEC’s Revised Architecture, Infrastructure and Operations Booklet
5 minutes Updated IT guidance emphasizes importance of governance, security and a clear strategy. In June of 2021, the Federal Financial Institutions Examination Council released an updated technology handbook that focuses on architecture, infrastructure and operations. The “Architecture, Infrastructure, and Operations” booklet (referred to as AIO) is one of a series that comprise the larger IT handbook.
Ransomware – to pay or not to pay? - CUInsight
As CEO of a cybersecurity company, I get asked all the time about ransomware. It’s become the new party question –do you pay or not pay the ransom? On one hand, I appreciate the attention that is finally being paid to cybersecurity, because for those of us working in the industry, we have been demanding more attention for many years. We want people to take cybersecurity seriously, and to understand the positive impact it can have on individuals and businesses.
Digital transformation isn’t about technology, it’s about the people
While more organizations embrace digital transformation, there is a misperception for what it is exactly. Yes, it’s a process for modernizing legacy technology and building new capabilities to better serve members. But technology actually is not the core focus of digital transformation – the people are. Technology is the easy part – digital transformations are all about culture, buy-in and alignment.
Cyber confidence doesn’t mean cyber secure
Technology supports secure human experiences. The human experience should always be the lead focus for the implementation of any new technology. If technology isn’t making improvements or protecting experiences then it becomes a road-block. At Think|Stack, our slogan is People Before Tech. This mantra helps us communicate with non-tech people about technology.
Building a nimble infrastructure
Hurricanes. Tornadoes. Power outages. Pandemics. Cyber attacks. We can’t predict the future and what will come next, but whether man-made or a natural disaster, credit unions have to be prepared to address challenges as they occur while maintaining access for members.
Recruiting Executives From the Board
Credit unions searching for candidates to fill C-suite positions typically think in terms of two possibilities: internal candidates and external candidates. But there is a third possibility for finding qualified candidates: members of their own boards of directors. Two credit unions had similar experiences in tapping the talent of board members to fill the role of chief information officer.
Leadership strategies and a checklist for placing security controls on remote work
With proper planning and action, credit unions can effectively offer hybrid office options. Employers across the country are planning for a “post-COVID” world and, while many companies and employees intend to return to the office, many have adjusted to remote work, requiring companies to develop hybrid workplace options. According to a PwC survey, 83% of employers say the shift to remote work has been successful, and 55% of employees prefer to work remotely at least three days a week.
Leadership Strategies and a Checklist for Placing Security Controls on Remote Work
4 minutes With proper planning and action, credit unions can effectively offer hybrid office options. Employers across the country are planning for a “post-COVID” world and, while many companies and employees intend to return to the office, many have adjusted to remote work, requiring companies to develop hybrid workplace options. According to a PwC survey, 83% of employers say the shift to remote work has been successful, and 55% of employees prefer to work remotely at least three days a week.
Curious to committed – secure cloud adoption - CUInsight
I had the privilege to sit down with two industry leading CEOs and an AWS Enterprise Strategist last week at our CUInsight Cloud Champions CEO event. The conversation raised some powerful new insights from credit union leaders. Driven by fintech competition and the challenges of COVID-19, the credit union industry is seeing a trend among executives who are becoming less curious and more committed to exploring the adoption of secure cloud technologies.
Secure, innovative credit unions are cloud powered
Secure? In the cloud? I hear you ask… Yes. The financial services industry, like most other industries, is rapidly changing as more organizations embrace digital transformation. Credit unions, however, have been slow to adopt secure cloud technologies that can empower platforms that improve member experiences and provide data protection and analysis. In my experience this is often down to lack of understanding and education.
Burn the ships: no looking back on legacy technology
Publisher’s Note: CUInsight is hosting a free webinar Wednesday, May 19th titled, CU Cloud Champions: CEOs Leading to the Cloud. We hope you’ll join us! Register here.
The importance of simplifying your tech stack
As we reflect on a year of great change and volatility, we should take time to evaluate the organizations that thrived and those that did not. Obviously, some that did not, or will not, survive are in industries like hospitality that had no chance, but for those in other industries, how well did they adapt and what was the common denominator? While COVID-19 required organizations to innovate, respond, and react all the while protecting themselves from new threats, it wasn’t the only story.
SolarWinds: Who’s to Blame? Going Beyond the Cloud
Source: Shutterstock In February, the Senate Intelligence Committee hosted a hearing about the supply chain attack that affected SolarWinds and dozens of other companies and federal agencies, raising four key issues:
Who’s to Blame? Beyond the Cloud
In February, the Senate Intelligence Committee hosted a hearing about the supply chain attack that affected SolarWinds and dozens of other companies and federal agencies, raising four key issues: How Amazon Web Services may have been used to host malicious infrastructure; Why the attackers conducted a “dry run”; What the true motives were for the attack, which apparently was waged by Russian hackers; How the incident could lead to better cyberthreat and intelligence information sharing.
The massive Microsoft Exchange attack: Who has your back?
Are you protected now and for the future? The Microsoft Exchange Server hack is pervasive, and the critical vulnerabilities have the potential to be exceptionally impactful on organizations ranging from small to global enterprises. While many companies assume their Microsoft Exchange Servers were properly updated, thousands of servers remain unpatched and at risk.
Cybersecurity fundamentals - The winners get the basics right
Former American football coach Tony Dungy was propelled into success when he led the Colts into a Super Bowl-winning season, the first the franchise had seen in over three decades. He achieved the seemingly impossible by focusing on a simple philosophy. He believed that champions don’t do extraordinary things. They do ordinary things, but they just do them without thinking. They get the fundamentals right, and they execute them correctly every time.
Cybersecurity preparedness - Are you prepared for a breach?
It should come as no surprise that an awful lot of organizations are ill-prepared for a cyber attack. Stories of high profile data breaches litter the news seemingly every day, often backed up with alarming statistics about the nature and frequency of cyberattacks in the digital era. For example, a recent IBM study found that healthcare is the most expensive industry for a data breach, standing at $6.45 million.
CUInsight Minute with Lauren Culp – August 7, 2020 - CUInsight
Our favorites from the week in sixty seconds. Welcome to the CUInsight Minute, sixty seconds from our Publisher & CEO Lauren Culp with our favorite reads from the week. Mentioned: 5 reasons security awareness training should be an essential part of your cybersecurity strategy by CHRIS SACHSE, THINK|STACK As today’s business world continues to rely more heavily on data and technology than ever before, cyber-attacks are also becoming more sophisticated.
5 reasons security awareness training should be an essential part of your cybersecurity strategy
As today’s business world continues to rely more heavily on data and technology than ever before, cyber-attacks are also becoming more sophisticated. The simple truth is: no data is safe anymore! While there are plenty of tools that can help protect your business from these threats, they will hardly do any good if your employees are not armed with sufficient knowledge about how to spot them. How prepared is your business against such security threats?
Strategic foresight for the future of tomorrow
We’ve all been disrupted, our daily routines, our hobbies, our home life, our work life, and so on, and so on. The only thing certain is that things are uncertain. However, uncertainty breeds creativity, new perspectives, and the opportunity to truly innovate. For many, the initial reaction to COVID was to survive. Emotions ran high; scared, confused, anxious, mad, sad, indifferent, hopeful, helpful and even inspired.
What the heck does journey mapping have to do with cybersecurity?
As a company that provides SOC services to companies, monitoring security alerts 24×7, we perform journey mapping during our service turn-up. Many clients ask us why? Well, there are some great reasons, thanks for asking. Journey mapping is what sets Think|Stack apart from the other MSSP and MDR companies in the market. First, what is a journey map? A journey map is the map of a process or experience that captures the human experience with technology, procedure, data, system and people.
Secure your network like your business depends on it . . . because it does
There are 25 million small businesses in the United States, 87% of them recognize they are at risk for a cyber-attack. Yet 83% of those businesses admit they don’t have the capabilities to manage them. We all think that it can’t happen to us, but the reality is, that it most certainly will. Unfortunately, most of the small to mid-sized businesses that get attacked wont be prepared, and a lot won’t be able to recover.
Innovation can light the way
As a movement, credit unions always put members and communities first, practicing empathy in designing products that solve real life problems. As a company that has grown up transforming and protecting your industry, we are choosing to lead by your example. Managing a crisis is never an easy task. When we look at unprecedented events in our past, we remember those who used their time to innovate and create revolutionary solutions.
Europe’s privacy reg and how it may impact you
It affects you now if you serve anyone in Europe. It will affect everyone later—but there are steps you can take now to prepare. We have been fielding a lot of calls about the European Union’s General Data Protection Regulation and its potential impact on companies here in the U.S. The short story is that GDPR will have an impact. As I explain below, the immediate impact is for companies who serve clients in Europe.
In the wake of the Capital One breach, can CUs trust ‘the cloud’?
Businesses today have little choice but to use the public cloud. But they must do so within thoughtful IT governance parameters. By now everyone has read about the security breach involving Capital One that affected more than 100 million customers. The thing that made this breach stand out from all the others in the news is that the hacker accused of breaking in was a former Amazon employee that worked on Amazon Web Services—the cloud service storing the Capital One data when it was compromised.
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