The Florida Office of Financial Regulation (OFR) recently provided a notice to Florida financial institutions informing them of the heightened concern regarding potential cyber actions conducted by foreign threats. Although agencies are not aware of a specific threat at this time, it is important that credit unions remain vigilant.
This warning comes as the Department of Homeland Security has indicated there is heightened risk of a cyber-attack against U.S. targets because of increased geopolitical tension. The current environment provides an opportunity for credit unions to re-evaluate the adequacy of safeguards to protect against various types of cybersecurity risk. The heightened cybersecurity risk focuses on principles previously articulated by various banking regulators including: business resilience, authentication, system configuration, security tool, data protection, and employee training. Credit unions can apply cybersecurity risk management principles and risk mitigation techniques to reduce the risk of a cyber-attack’s success and minimize the negative impacts of a disruptive and destructive cyber-attack.
Click here to read the full notice.
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