The Benefits of Managed Governance, Risk, and Compliance (GRC) for Credit Unions

In today’s rapidly evolving cybersecurity landscape, financial institutions like credit unions face mounting pressure to maintain robust security and compliance postures.  A Morefield client recently navigated this challenge by transitioning from a traditional security vendor to a Managed Governance, Risk, and Compliance (GRC) approach from Morefield. This move has not only strengthened their security posture but also streamlined their compliance processes. This article will dive into the benefits any credit union can expect from adopting a Managed GRC service from Morefield.

The Challenge: Incomplete and Infrequent Security Assessments

Some security vendors who operate within the Credit Union space will provide annual vulnerability reports, which are adequate for passing compliance audits but lack the depth and context needed for proactive security management. The reports merely highlight security issues without offering clear remediation steps or guidance on broader risk management strategies. As regulatory demands intensify, this reactive approach can leave a credit union exposed to significant risk.

In addition, the annual audit cycle means potential vulnerabilities remain unaddressed for months, increasing the likelihood of a breach. This delay between assessments, combined with the absence of context on how to resolve identified issues, creates a critical gap in cybersecurity defense.

The Solution: Switching to Managed GRC with Monthly Vulnerability Assessments

Recognizing the need for a more proactive and comprehensive approach, the Credit Union opted to migrate to Morefield’s Managed GRC service. This transition involved shifting from annual, unauthenticated scans to more frequent, credentialed scans conducted monthly. The approach allows for an accurate and complete assessment of the network’s security posture, including:

• Improved Visibility: Monthly scans provide a continuous view into the credit union’s security health, identifying potential vulnerabilities as they emerge.
• Actionable Insights: Unlike static reports, Managed GRC services include expert analysis and context, transforming raw data into clear, prioritized action plans.
• Ongoing Support and Consultation: Managed GRC typically includes monthly meetings to review findings, assess risk, and develop targeted mitigation strategies, ensuring alignment with both compliance requirements and organizational risk tolerance.

Immediate Benefits Realized

One of the earliest wins for the Credit Union came during an initial scan under the new Managed GRC program. A critical vulnerability, believed to have been fully patched in 2021, was discovered on two machines. The issue? The previous patch had only been partially applied – the software update had been installed, but the required registry change had been overlooked.

This oversight was only identified because the Managed GRC program included credentialed scans, which have deeper visibility into system configurations compared to unauthenticated scans. This early detection prevented a significant security incident, highlighting the immediate value of moving to Morefield’s Managed GRC framework.

Key Benefits of Morefield’s Managed GRC for Credit Unions

1. Enhanced Risk Management
   Morefield’s Managed GRC service provides insights into the threat landscape, enabling credit unions to address vulnerabilities before they are exploited. This proactive stance significantly reduces the risk of data breaches and system compromises.
2. Comprehensive Compliance Support
   As regulatory pressures continue to increase, the ability to demonstrate ongoing compliance is crucial.  A managed GRC service is designed to keep pace with evolving standards, providing the documentation and audit trails needed for successful audits.
3. Reduced Operational Burden
   Outsourcing vulnerability management to a dedicated provider frees internal IT teams to focus on strategic initiatives rather than routine security tasks. This not only reduces stress but also enhances overall operational efficiency.
4. Greater value and Predictable Budgeting
   A switch to the Managed GRC program is competitive with other service providers, but Morefield clients realize greater value from a reduction in breach risk, faster remediation, and fewer audit penalties.  Additionally, Morefield delivers this as a service for a predictable monthly cost to simplify budgeting.
5. Tailored Remediation Guidance
   Unlike generic security reports, Morefield’s Managed GRC provides customized remediation advice, helping credit unions address specific vulnerabilities more effectively.

Making the Shift to Morefield’s Managed GRC Program

For the Credit Union, the switch to Morefield Managed GRC and Vulnerability management has already delivered significant benefits, including improved visibility into their security posture, faster response to emerging threats, and more effective risk management. This serves as a compelling example of how Managed GRC can transform the way credit unions approach cybersecurity, providing both immediate and long-term advantages in an increasingly complex digital landscape.

Credit unions considering a similar transition should weigh the benefits of proactive security management, reduced operational burden, and enhanced compliance support. With Morefield as your Managed GRC partner, financial institutions can achieve a more resilient, secure, and compliant infrastructure, better equipped to handle the challenges of tomorrow.

6 Relevant Cyber Threats for SMBs and their Solutions

1. Phishing / Spear Phishing
   • Conduct training sessions to help employees recognize phishing / spear phishing attempts
   • Implement email filtering to detect / block phishing emails before they reach the inbox
2. Distributed Denial of Service (DDOS)
   • Continuously monitor traffic for unusual patterns that might indicate an attack
   • Use rate limiting to restrict the # of requests a server can process from a single IP
3. Man In the Middle (MitM) Attacks
   • Encourage the use of VPNs to encrypt data transmitted over public networks
   • Use strong, two-factor authentication methods to verify user identities
4. Malware Attacks
   • Install antivirus and anti-malware software on all devices
   • Keep all software and systems up to date with the latest security patches
5. Drive-By Attacks
   • Use web filtering to block access to malicious websites
   • Ensure browsers are updated with the latest security patches and configurations
6. Password Attacks
   • Encourage the use of password managers to store and generate secure passwords
   • Implement account lockout after multiple failed attempts to prevent brute force attacks

Ready to learn more? Check out our 5 Cybersecurity Predictions for 2025

Not sure where to start?

Ask Morefield

Information technology (IT) has changed dramatically over the past few years, with advances in virtually every aspect of the industry. Cybersecurity, specifically, has evolved from its previous form.

Our list of cybersecurity predictions for the coming year can help you understand what you might face in 2025.

1. The Evolution of Ransomware

First on our cybersecurity 2025 forecast is the increasing frequency of ransomware attacks. These attacks are becoming more sophisticated and more common, demonstrated by an 81% year-over-year increase from 2023 to 2024.

Ransomware locks users out of individual computers — or even entire networks — until the ransom is paid. Even then, there’s no guarantee you’ll recover everything hit by the attack. 

Encryption-only ransomware is becoming significantly less common. Attackers primarily use double extortion tactics to manipulate targets into paying the ransom. Double extortion is an advanced tactic where attackers combine data encryption with data theft to increase pressure on victims to pay the ransom. 

2. Internet of Things Expansion

Another of the most important 2025 cybersecurity threats is the rapid expansion of the Internet of Things (IoT). The IoT refers to a network of internet-connected devices other than smartphones, tablets and computers, such as:

• Smartwatches.
• Wearable fitness trackers.
• Smart home appliances.
• Voice assistants like Amazon Echo and Google Home.
• Car infotainment systems.
• Radio-frequency identification (RFID) tags.

Projections show that by 2030, the number of IoT devices in use will exceed 32 billion worldwide. 

The more devices connected to your network, the larger your attack surface becomes. Cybercriminals can take advantage of all the new endpoints your expansion has opened to enter your system unnoticed.

3. Artificial Intelligence Empowering Cybercriminals

The widespread use of artificial intelligence (AI) was a significant turning point in 2023 and 2024. While it helped companies boost their efficiency, it also gave malicious actors new opportunities.

Some examples include:

• Optimized attacks: Generative AI and machine learning (ML) technologies can help even inexperienced attackers create more sophisticated malware, eliminate the typical indicators from a phishing email or scale their attacks to affect more targets.
• Data poisoning: A hacker can inject false, biased or corrupted data into an AI’s training datasets, causing the AI to produce inaccurate results and reduce performance.
• Automated malware: While AI programs like ChatGPT and Google Gemini have some protections in place to discourage malicious coding, determined hackers can bypass them and use the program to automatically produce malicious code.
• Model stealing: Attackers can replicate an AI model by querying it and observing outputs — effectively stealing the model without direct access to the original code or training data.
• Bias exploitation: AI models may inadvertently acquire biases from training data, and attackers can exploit them to manipulate outcomes in their favor.
• AI in deepfakes: Artificial intelligence can create realistic fake videos or audio recordings that can be used to impersonate individuals or spread misinformation.
• Autonomous decision-making risks: Attackers could target or manipulate AI systems that make autonomous decisions, especially regarding critical infrastructure or defense. 

4. Public Cloud Growth

While most businesses have fully resumed in-person operations, many still give remote-capable employees the option to work remotely. 

This rapid expansion of the remote workforce has led to organizations relying on resources and services from public cloud data centers, such as collaborative software platforms and infrastructure components. 

While cloud service providers typically put many security measures in place to protect data from attackers, some risks are difficult to address:

• Misconfigured cloud settings: Failing to properly configure your cloud settings to comply with industry regulations can accidentally create exploitable vulnerabilities.
• Insider threats: Whether a remote worker intentionally leaks data or accidentally leaves their account open for attackers, cybercriminals can access the public cloud more easily than private clouds or on-premises networks. 
• Sniffing or snooping: Migrating data to the cloud via unsecured network connections can give attackers an opening to hijack it in transit.
• Insecure APIs: Public cloud services are often accessed via application programming interfaces (APIs). If these APIs are not properly secured, attackers can exploit them and gain unauthorized access. 
• Denial of service (DoS) attacks: Attackers can target cloud services, overwhelming resources and making services unavailable. 

5. Extended Reality Vulnerabilities

While extended reality (XR) technologies, such as virtual reality (VR) and augmented reality (AR), are becoming more popular in personal and professional applications, they still lack many of the cybersecurity protections of the other tools in your IT stack. 

Some of the potential risks this gap creates include:

• Social engineering: Many XR programs come from third-party developers, which increases the risk of unreliable content manipulating your users to perform specific actions. Vetting your software vendors is key. 
• Ransomware: Hackers could plant malicious code or links into a VR or AR program to lure unsuspecting users into activating a computer virus. 
• Lack of privacy: VR headsets and AR technologies collect user biometric data, such as retina scans, eye movements and typical behavior patterns. Hackers can use this data to recreate user actions and gain unauthorized access to your system.
• Man-in-the-middle attack: XR applications often rely on real-time data transmission between devices and servers. Attackers could intercept this data, altering its content or injecting malicious data. 

Developing Solutions for the Future of Cybersecurity

As technology advances, the IT market gains opportunities to enhance security protections against external and internal threats. Here are promising developments in the future of cybersecurity.

Immersive Cybersecurity Training

A nonmalicious human element is a key factor in 68% of all data breaches, according to Verizon’s most recent Data Breach Investigations Report. An engaging security awareness training program is one of the most effective ways to mitigate human risk.

VR opens new, immersive security training opportunities for employees in various industries. By gamifying learning in an engaging virtual world, organizations can motivate employees to continue improving. 

Virtualized Security Operations Centers

Although security operations centers (SOCs) are a must for any cybersecurity provider, physical centers are increasingly expensive to build and maintain. XR technologies could present a cost-effective solution.

VR and AR can enable companies to create fully virtual, interactive SOCs using infinite office platforms, which could allow security professionals to work remotely while providing the same level of service. 

Virtualization could also enable SOC employees to automate time-consuming and tedious tasks, streamlining workflows and giving them the ability to focus on more complex projects.

AI-Enhanced Tools

AI-powered cybersecurity tools can help your organization enhance its security posture with capabilities like:

• Predictive analytics: AI technologies enable your organization to adopt a more proactive stance by predicting potential cybersecurity risks and their outcomes.
• Advanced threat detection: AI algorithms can also identify abnormal behavior faster than a human cybersecurity professional, enabling you to stay on top of insider threats and compromised accounts.
• ML capabilities: ML enables a software program to learn from previous cycles, creating a security system that can continuously update its knowledge of threats and adapt appropriate responses.

Why Trust Us?

Knowledge is power — especially in the cybersecurity and IT industries. At Morefield, our expert team is passionate about providing our readers with the information they need to make decisions about their security requirements. 

Our decades of experience in the technology field have given us valuable insight into the most common risks small to medium-sized businesses across various industries face daily. 

We strive to thoroughly understand how cybersecurity risks affect businesses so that we can lead the industry in creating the most effective solutions. Providing high-quality resources like this blog post is a key component of that mission.

Prepare for 2025 With Cybersecurity Services From Morefield

When it comes to preparing for the future of cybersecurity, proactivity is critical. Many companies find that their best chance of avoiding serious consequences is by obtaining outside help. 

Working with a managed cybersecurity company can make the process easier. At Morefield, we offer various scalable security solutions, including but not limited to:

• Vulnerability assessments.
• vCISO services.
• Next-generation firewalls.
• Security awareness training.
• Mobile device management.

Whatever your organization needs, we can help you find the best solution to meet those requirements.

Connect with us online for more information about our cybersecurity solutions and services. An expert will answer any questions you may have.