As we wind down this year, let us take a moment and remind ourselves of the top tech stories from 2021 and what learning moments it provides for credit unions.
Ransomware attacks (i.e., the colonial Pipeline) feel like something out of Ghost Fleet.
This techno-thriller is set in the near future portrays a scenario where sophisticated attacks on the US start with the ability to shut down necessary infrastructure (i.e., energy & healthcare). The attack put additional focus on the growing threat of ransomware. Ransomware caught the general public's attention in early May when a ransomware attack against Colonial Pipeline resulted in gas shortages in the Southeast.
CREDIT UNION LEARNING MOMENT: Security
A credit union is only as strong as its weakest link.
The Global Chip Shortage Wreaks Havoc On Multiple Industries
Creating an interesting view on the dependence the US has on foreign suppliers
CREDIT UNION LEARNING MOMENT: Diversify
Great opportunity to review vendor/suppliers and evaluate for the diversity and balancing for risk and efficiency.
Cloud Marketplaces On The Rise
CREDIT UNION LEARNING MOMENT: Embrace
The cloud is a great team player for organizational efficiency and productivity, and your data love being housed in it.
The Continued Shift To As-A-Service
The move by IT vendors to offer their products on an as-a-service basis has been gaining momentum in recent years.
CREDIT UNION LEARNING MOMENT: Banking as a service
Banking as a Service (or BaaS for short) describes a model in which licensed banks to integrate their digital banking services directly into the products of other non-bank businesses. This way, a non-bank company, such as your airline, can offer its customers digital banking services such as mobile bank accounts, debit cards, loans, and payment services, without needing to acquire a banking license of their own.
Jassy Takes Charge Of Amazon, Selipsky Takes Charge Of AWS
Amazon Web Services has become one of the IT industry's most influential companies, serving as the operating platform for many vendors in the cloud computing space and providing its cloud storage, analytics, database, and business application services.
CREDIT UNION LEARNING MOMENT: Follow them!
With cloud on the rise and amazon under new leadership, what will the ripple effect be in the market? More importantly, what the consumer expects from all providers as they hold all other retail experiences to be like that of Amazon.
Thanks 2021, for another rotation around the sun as well as looking forward to all that 2022 has to offer.