You are only as strong as your weakest vendor link, and it is important to avoid permitting vendor engagements to increase risk for your credit union. Vendor selection and ongoing management of vendors has never been more important, based on the current threat landscape. Vendors can help your credit union achieve cost-effective and cyber-protected success through the prudent selection and maintenance of technology and equipment. But they are also capable of increasing cyber risk, making narrow-minded technology recommendations, looking back instead of forward and being resistant to change.
It is recommended to commit the same vetting process level to vendor selection as you commit to hiring key employees. Once selected, vendors should be managed effectively and treated as trusted members of your team. If the vendor is resistant to this level of partnership, we suggest you look elsewhere.
Trusted Partnerships
A trusted partnership between a credit union and vendor is an incredible value add for both organizations. The foundation of trust between a credit union and vendor begins with the vendor understanding the credit union’s culture, expectations,…
