CCUL Headlines: Risk & Compliance

Cybersecurity awareness month raises importance of taking proactive steps to mitigate risk

Thursday, October 3, 2019   (0 Comments)
Posted by: Trichina Pierce, CCUL
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I recently read an article by Kimberleigh Dyess from the University of Maryland on the lack of convergence between cybersecurity, technology, the law, and current regulations. By the end of the article, the conclusion was simple…In this time of rapid technology and growth from physical data to digital, there is an adverse, negative effect that has risen – the growth of cyberattacks.

As National Cybersecurity Awareness Month is ushered in this October, it is a reminder that we must stay vigilant as we enter these final three months of the year. Financial losses due to cybercrime reached $2.7 billion in 2018 according to FBI Internet Crime Complaint Center (IC3) report. The 2018 Internet Crime Report emphasized efforts in monitoring trending scams such as Business Email Compromise (BEC), extortion, tech support fraud, and payroll diversion. Cyber attackers are skilled at exploiting software and configuration vulnerabilities and avoiding detection.

Each day, organizations and financial institutions are reporting breaches of their data. The result is that traditional security controls and measures alone are no longer enough to protect against these sophisticated and skilled threat actors.

Many credit unions are needing to examine their current cybersecurity posture in the areas of:

  • Risk Reduction Measures
  • Post-Attack Incident Response
  • Assessing the Damage
  • Restoring Data

As cyber threats against credit unions continue to grow and evolve, the good news is cybersecurity technology and prevention measures are also improving. See insights found in these resources:

Foiling attacks against your credit union requires sophistication, and enhancing your cybersecurity knowledge is key.

To help in that effort, I invite you to join us for our final 2019 Fraud Chat November 14 at 10am which is focusing on the topic of cybersecurity led by the FBI’s Jessica Nye.

Want to review or listen to missed fraud Chats? Access the PowerPoint presentations on the CCUL Compliance Community (see Library > Fraud Chat Resources).

Disclaimer: Views and opinions expressed in this article are those of the author and should not be taken as legal advice, nor does this article entitle the reader to any services. The information contained herein is merely to provide League members with useful risk management and/or compliance information and serve as a reference for your own research. Although care has been taken to provide accurate information, the League is not engaged in rendering legal or tax advice. Credit unions are encouraged to seek appropriate qualified legal counsel for legal advice.

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