Markets Wired

Agency Encourages Credit Unions to Use Cybersecurity Assessment Tool

ALEXANDRIA, Va. (Oct. 3, 2016) – Advances in technology and increased use of cyberspace for financial transactions means more opportunities for cybercriminals, and the National Credit Union Administration is continuing to work to help credit unions and consumers protect themselves.

“The thieves, the hackers, and the terrorists are always out there, looking for ways to steal money or information or disrupt networks,” NCUA Board Chairman Rick Metsger said. “NCUA has made cybersecurity a top supervisory priority for years, and we’re working to update our exam procedures to help credit unions do a better job of detecting and preventing cyberattacks. We encourage credit unions to use the online cybersecurity assessment tool to help them analyze risk. We provide resources to credit unions and their members on how to keep their information and their finances secure.”

NCUA works with other regulators and law enforcement to highlight risks and build stronger online defenses. A link to the Federal Financial Institutions Examination Council’s cybersecurity assessment tool (opens new window) is part of the wealth of information on NCUA’s Cybersecurity Resources webpage. Credit unions are not required to use the assessment tool; however, it can help them identify risks and their own vulnerabilities.

NCUA plans to increase its emphasis on cybersecurity with planned enhancements to its examination process, which the agency expects to have in place in late 2017. NCUA will keep credit union system stakeholders informed as it incorporates these changes.

For consumers, NCUA’s MyCreditUnion.gov (opens new window) website offers regularly updated information on protecting their finances, including how to be smart online (opens new window).

During National Cybersecurity Awareness Month, NCUA will regularly post tips and best practices on Facebook (opens new window) and Twitter (opens new window) to help credit unions and members keep their information secure.

Launched in 2004, National Cybersecurity Awareness Month is an initiative sponsored by Department of Homeland Security in cooperation with the National Cyber Security Alliance and the Multi-State Information Sharing and Analysis Center. The goal is to raise awareness and educate Americans about cybersecurity as well as increasing the resiliency of the nation’s cyber-infrastructure. More information is available online here (opens new window).

The FBI’s Internet Crime Complaint Center reports receiving more than 3.5 million complaints about cyberattacks since its inception in 2000. Last year, the Center received more than 288,000 complaints, with reported losses of more than $1 billion.