Products & Services News (06-29-12)

The Pulse (06-29-12)

June 29, 2012    ●    Volume 01, Issue 26

View 06-29-12 issue of The Pulse

Products & Services News

CUNA Mutual Group outlines risks of mobile devices

In a recent article, CUNA Mutual Group provided an overview of the security risks that mobile devices in the workplace introduce to credit unions. The article outlines steps credit unions can take to minimize this risk without hindering employees' ability to use a cell phone at work.

Cell phones are relatively inexpensive, accessible, user friendly and easy to transport. However, all of these advantages come at a price to credit unions. Cell phones can be tools used in insider theft and can expose the credit union's network to computer viruses transported via mobile devices. However, these risks can be managed through the following steps:

  • Security Policy First and foremost, credit unions should develop and maintain a comprehensive IT security policy that addresses mobile devices. This policy should be approved at the board level and reviewed and signed off on by employees annually.
  • Encryption Encrypt sensitive data stored on mobile devices or when these devices are used to transmit sensitive data over the internet or in emails.
  • Control and Protect Devices Require that mobile devices are password-protected, locked at all times and can be wiped clean remotely. Enforce time-out features and install anti-virus protection on all mobile devices used for credit union business
  • Secure Network Connections A Secure Socket Layer Virtual Private Network should be established for employees to connect to the network using mobile devices. This protects data transmitted between the network and mobile devices.

Even with the best security, the worst can happen. Cyber Risk Hub, offered at no additional cost to CUNA Mutual Group policyholders, provides the services of a data breach coach and other key resources in the event of a breach. Cyber Risk Hub and other data breach resources are available at the Protection Resource Center. 

For more information about CUNA Mutual Group, contact MnCUN Vice President – Association Services John Ferstl by email or at (651) 288-5505.

AmeriCU Mortgage helps credit unions break into the purchase market

While credit unions have fought for and gained a larger share of the mortgage market, they have continued to struggle to break into the purchase money market. The biggest hurdle for any type of mortgage lender attempting to earn more purchase money business has long been earning referrals from real estate agents. AmeriCU Mortgage provides credit unions tips on how they can more effectively work with real estate agents.

Research shows that real estate agents influence the choice of lender in more than two-thirds of all purchase transactions. To be successful purchase lenders, credit unions need to understand the needs of the real estate community. Agents are looking for lenders to have the following characteristics:

  • Expertise – Knowledge of the lending process, products and marketplace
  • Products – A variety of lending options to service different borrower and property profiles
  • Availability/Communication – A contact to speak to when issues arise and a consistent flow of communication throughout the buying process

AmeriCU Mortgage suggests that credit unions put together an action plan for communicating the advantages of their lending programs. Some ways to do this include looking through membership rosters for agents that are members and reaching out to them, inviting local agents to the credit union for an informational seminar about what the credit union offers, hanging a banner outside and much more.

To learn more about AmeriCU Mortgage and the products, services and expertise they can offer you credit union contact, MnCUN Vice President – Association Services John Ferstl by email or at (651) 288-5505.

Minnesota Credit Union Network
555 Wabasha Street N, Suite 200
St. Paul, MN 55102

(651) 288-5170
(800) 477-1034