New Security Planning, Budgeting Tool for CUs Assesses Risks And Aligns Spending Accordingly

November 27, 2006

FOR IMMEDIATE RELEASE
Contact: Katye Long
CUNA Communications; (608) 231-4038;
klong@cuna.coop

MADISON, Wis. – A new self-assessment and security planning tool helps credit union technology professionals spend their security budgets wisely and more appropriately, aligning dollars directly with optimum business risk reduction, and benchmarking the results against other credit unions. The RiskProfile system - offered to credit unions through the CUNA Strategic Services, Perimeter Internetworking strategic alliance - is available for free through Dec. 31, 2006, to help build the largest possible industry database.

“Too many networks are secured ‘backwards,’ focused first on technologies and second on business risks those technologies are mitigating,” says Brad Miller, CEO of Perimeter.

RiskProfile works in reverse of most risk assessments by ranking an institution’s business processes - such as core accounting, item processing, commercial Internet banking, mortgage origination, etc. - according to their importance. Level of risk is then assigned for each process in three key areas: financial, regulatory, and reputation. The system profiles appropriate solutions and scores business processes on their current level of mitigation, showing the actual percentage of total organizational risk each business process accounts for. It then offers prioritized recommendations to mitigate risk, and indicates where procedural changes might help.

“We provided input to the development of the RiskProfile tool, so credit unions would have a way to monitor how their priorities, and solutions, compare to industry peers,” said Wes Millar, senior vice president of CUNA Strategic Services. “This tool can be used to prepare for examinations, audits, board reviews, best security practices, technology reviews, and budgeting.”

The free profile report, with relevant benchmarking information, is available at www.riskprofile.org. Credit unions can use the promotional code RP06E7 to gain access to the RiskProfile tool. The confidential assessment can be completed in a short, 20-minute online session. In less than 60 days of beta testing, nearly 500 moderate-sized financial institutions, including 200 credit unions, have conducted self-assessments.

“RiskProfile provides an unprecedented snapshot of what technologies and risk mitigation strategies are in use across the industry,” says Kevin Prince, Perimeter’s chief security officer. “We will look at this information in aggregate and share it from time to time with the industry.”

Next year, an enhanced system will deliver ongoing monitoring, performance comparisons, and granular peer-to-peer IT risk assessment benchmarking and analysis for a fee.

For more information, visit strategicservices.cuna.org and select the link the Perimeter Internetworking, or contact Debbie Bergenske, associate product manager for CUNA Strategic Services, at (800) 356-9655, ext. 4340, or by e-mail at dbergenske@cuna.coop.

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About CUNA Strategic Services

CUNA Strategic Services, owned jointly by Credit Union National Association (CUNA) and the state leagues, provides credit unions with access to high quality products, services and technologies delivered with a competitive advantage made possible through volume pricing and strategic program development. CUNA serves more than 90 percent of America’s 9,000 credit unions, which are owned by more than 88 million consumer members. Credit unions are not-for-profit cooperatives providing affordable financial services to people from all walks of life. For more information, visit strategicservices.cuna.org.

About Perimeter

As the only provider of complete security on demand, Perimeter makes security easily available and affordable for all businesses. Perimeter's on-demand security services protect thousands of computer networks nationwide, offering more than 50 different services on a subscription basis. With the proliferation of security threats and technologies, clients benefit from a single-source provider that offers all services through one preintegrated platform and Web portal.

Perimeter's on-demand services are continuously expanded, enhanced and upgraded for current and future regulatory compliance. With seven geographically distributed technical offices and three redundant data centers, Perimeter's complete, on-demand and affordable security services are always available and have been validated by multiple independent third parties.

RiskProfile is a trademark of Perimeter Internetworking.

Copyright © 2009 - Credit Union National Association, Inc.