Compliance Update with Amy K

​October is Cybersecurity Awareness Month – always a top concern for credit unions! Some helpful resources for you to review and share with members. 

by Amy Kleinschmit, Chief Compliance Officer

​Cybersecurity – Top Concern for Credit Unions
October is Cybersecurity Awareness Month. While cybersecurity is a top concern for credit unions year-round, October was designated in 2004 as the awareness month for this important topic to shed a spotlight on the need for individuals to protect themselves online as threats to technology and confidential data become more commonplace.

As noted in the recap of our recent Regulatory Hike the Hill, cybersecurity and data privacy remain a top concern for the National Credit Union Administration. To that end, the NCUA has a number of resources for credit unions to use as they tackle this crucial ongoing project in protecting their members’ information and data.

NCUA resources, found here, include the ACET (Automated Cybersecurity Evaluation Toolbox). This free tool allows institutions of all sizes to easily determine and measure their own cybersecurity preparedness over time. 

Using the Toolbox to conduct assessments on a regular basis may help institutions to:

• Identify areas of risk proactively, before there is a problem
• Determine the depth and breadth of cyber risk your institution is exposed to
• Discover the institution's preparedness to deal with the cyber threats it may face
• Make decisions about security processes and programs based on the true nature of existing risk
• Use a measurable and repeatable process to assess risk preparedness over time
• Understand, address, and mitigate cybersecurity risks
• The Toolbox also houses the CISA’s Ransomware Readiness Assessment (RRA). 

However, beyond protecting the credit union, educating members on how to be smart online is also important. Considering sharing these free resources and tips with your members to educate them on the importance of making good choices online – like not providing account numbers and other personal information in response to text messages, emails, messenger pigeons, or what not. Or, not clicking on links or opening attachments that are received via text or email.

NCUA has several tips for consumers that can be found here. Including tips for securing computers, smartphones, and gaming devices.

As noted at the NCUA’s link above, the Federal Trade Commission also has some helpful resources for consumers including online security tips, information for educators and parents, and videos and games.

As discussed by the National Cybersecurity Alliance, this year’s the focus is on -

• Enabling multi-factor authentication
• Using strong passwords and a password manager
• Updating software
• Recognizing and reporting phishing

The Consumer Financial Protection Bureau (CFPB) also has a number of free resources, including print materials that could be shared with a variety of organizations, including libraries, meal sites, community centers, and faith-based organizations, to reinforce prevention and reporting of scams. Here is the “Play it Safe online” placemat which can be ordered in bulk from here, but be sure to check out all the free educational resources available found on the left side at the same link.

NCUA Webinar – Defending Against Ransomware Attacks
The National Credit Union Administration is teaming up with the FBI, Treasury Department, and the Wisconsin Department of Financial Institutions to host a webinar to discuss how to protect your credit union and your members against ransomware attacks.

Ransomware in the Financial Sector, a FREE webinar, will take place on October 13 at 1:00 p.m. CT and will last approximately two hours. Presentations will have real-world examples to illustrate the potential impact of ransomware attacks. The webinar will also include a question-and-answer period.

Staff from the NCUA’s Office of Credit Union Resources and Expansion and Office of Examination and Insurance will moderate a panel featuring: Ted P. Delacourt, FBI Cyber Division; Thomas Theune: Deputy Director, Office of Credit Unions, Wisconsin Department of Financial Institutions; and Steven Curran, Treasury Department, Office of Cybersecurity and Critical Infrastructure Protection.

Participants will be able to log into the webinar and view it on their computers or mobile devices using the registration link. They should allow pop-ups from this website. The webinar will be closed captioned and archived on the NCUA’s Learning Management System approximately one week following the live event.

Participants can submit questions during the presentation or in advance by emailing WebinarQuestions@ncua.gov. The email’s subject line should read, “Ransomware Webinar.” You can email technical questions about accessing the webinar to uccwebinar@ncua.gov.

As always, don’t hesitate to contact Amy Kleinschmit with any compliance related questions.

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