In today’s ever-present cyber threat environment, financial institutions are frequent targets.
Credit unions continue to fall victim to a variety of cyberattacks, including malware infections, phishing scams, denial-of-service attacks, cryptojacking, and ransomware.
These attacks not only cause monetary losses, they can also contribute to a loss of trust between the credit union and its members.
Cybersecurity is one of the most dynamic risks for organizations to manage. And unfortunately, only 42% believe their company is effective at managing cybersecurity, according to Deloitte.
Given the rate of speed at which cyber-based attacks are spreading, both state and federal regulators have increased efforts to ensure credit unions prioritize cybersecurity in their risk management strategies.
For example, the New York State Department of Financial Services now requires comprehensive security programs directed at preventing and defending against cyber-related crime.
Presumably, other state regulators will follow suit and develop similar regulations as the problem persists.
Additionally, in a recent letter to credit unions, NCUA announced an increased focus on cybersecurity…
