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ALEXANDRIA, Va. (Oct. 1, 2019) – Financial losses due to cybercrime reached $2.7 billion in 2018 (opens new window), and during National Cybersecurity Awareness Month, the National Credit Union Administration is reminding credit union industry stakeholders to remain vigilant.

“In this day and age, cybersecurity is everyone’s business,” NCUA Chairman Rodney E. Hood said. “Hackers and thieves do not rest, and the NCUA is committed to leadership in detection and response to cyber threats. We expect credit unions to take appropriate measures to protect themselves and their members, and we provide numerous information resources to help them do that job. Earlier this year, I named a special advisor, who reports directly to me, to coordinate our efforts. I hope everyone in our industry will continue working to keep our financial system, and the millions of Americans who entrust their assets to us, safe.”

Cybersecurity remains a supervisory priority for the NCUA, and the agency puts special emphasis on:

• Advancing consistency, transparency and accountability within the cybersecurity examination program;
• Encouraging due diligence for supply chain and third-party service provider management at credit unions;
• Assisting institutions with resources to improve operational hygiene and resilience; and
• Ensuring NCUA’s systems and collected controlled unclassified information is secure.

The agency maintains a cybersecurity resources webpage to provide credit unions with important information, including regulations and guidance, about protecting themselves and their members from cyber threats.

During Cybersecurity Awareness Month, the NCUA will share tips on its Facebook page (opens new window) and on Twitter (opens new window) about online security, recognizing and preventing identity theft, and what consumers can do if they fall victim to a cybercrime. The NCUA provides consumers with information on staying safe in the Be Smart Online (opens new window) section of MyCreditUnion.gov (opens new window).

National Cyber Security Awareness Month is a collaborative effort by government, non-profit, and industry stakeholders to ensure Americans have the necessary information to help them stay more secure online. The NCUA has joined the U.S. Department of Homeland Security’s efforts with the National Cyber Security Alliance’s Stay Safe Online initiative (opens new window) to raise awareness and encourage vigilance.