Lizeth GeorgeAccording to a recent America’s Credit Union blog, threats targeting U.S. financial institutions should serve as a reminder that credit unions must remain vigilant to prevent and respond to cyber incidents.
To protect their systems and members’ funds, credit unions should continuously strengthen their security protocols, regularly updating and fortifying their systems against vulnerabilities. This includes securing administrative and vendor access with strong passwords, multi-factor authentication, and frequent reviews of access credentials.
Credit unions must also monitor third-party vendors for potential security gaps, ensuring they are held accountable for safeguarding sensitive data. Regular stress tests and system back-ups are essential to ensure that recovery systems function effectively in the event of a breach.
Additionally, member education on identity theft and password security should be ongoing, emphasizing the risks of poor security practices. Credit unions are required to notify the National Credit Union Administration (NCUA) if a cyber incident is suspected or if they receive a notification about a breach from a third party. These proactive steps are crucial in protecting against reputational damage and financial losses from cyber-attacks.
Visit the InfoSight Cybersecurity page for additional resources.
Additionally, you can join TruStage on Wednesday, October 16, at 1:00 p.m. CT as they dive into the current landscape of cyber risks and the necessary controls that can help safeguard your organization.
Hosted by TruStage Risk Consultant, Brianda Rojas-Levering, this insightful webinar will also feature special guest speakers from Beazley Insurance Services — Claims Manager Andrea McKay and Cyber Services Manager Max Bradshaw. Together, they will share their expertise on navigating the evolving cyber environment and how to protect against the latest threats.
