Credit Unions Face Cyber-Terrorism Threat Credit Union Times (02/24/14) Anderson, Heather Debbie Matz, the chairman of the National Credit Union Association (NCUA), worries that the threat posed by cyberterrorism to American financial institutions may continue to increase. “Attacks, intended to create disruption, can crash networks but can also serve as a diversion for more damaging assaults,” Matz explained Feb. 24 at the Credit Union National Association (CUNA) Governmental Affairs Conference. Matz adds that cyber terrorists could steal passwords from credit unions in order to obtain an entry point to gain access to every payment system and every vendor. To help prevent such problems, the NCUA now provides Web resources educating credit unions on how to mitigate the risks posed by cyber attacks and participates in a cyberthreat working group that includes regulators, law enforcement, and intelligence sources. In addition to taking NCUA advice on the subject, Matz called on credit unions to work together with each other as well as with IT staff and vendors to take steps that to prevent cyberattacks and to detect and limit the damage should one occur. Such measures include vendor due diligence, better password protection, patch management, employee training, and network monitoring. Finally, Matz points out that credit unions can use the National Institutes of Standards and Technology cybersecurity framework to evaluate their practices.
Posted on: Tue, 25 Feb 2014 22:30:13 +0000
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