NCUA Reminds Credit Unions About Cybersecurity Awareness Month

October is Cybersecurity Awareness Month, and the National Credit Union Administration has released a reminder to credit unions about the importance of fighting cybercrime and protecting the online personal and financial information of their members.

“We live in a world where individuals increasingly buy their groceries, book their trips, and manage their credit union accounts online. As a result, the threat of identity theft and cybercrime continues to grow,” NCUA Board Chairman Debbie Matz said. “Credit unions must proactively put in place effective controls to protect against these cyber threats, and Cybersecurity Awareness Month is an ideal time for credit unions to review their information systems policies, practices, and procedures.”

Cybersecurity Awareness Month began Oct. 2. Throughout October, NCUA will highlight ways credit union members can protect their personal and financial information on its consumer Twitter feed, @MyCUgov, as well as in the upcoming October issue of the NCUA Report.

The agency will also regularly post tips and best practices on NCUA’s Facebook and Twitter pages that credit unions can use to make their electronic information systems and online engagements more secure.

“Credit unions should also make cybersecurity an important part of their financial literacy efforts in October and all year long,” Matz said. “NCUA has a number of resources available on our consumer website, MyCreditUnion.gov, and on our financial literacy microsite, Pocket Cents, to help credit unions begin these conversations with their members.”

Cybercrime is a growing concern for financial institutions and consumers alike. The Federal Bureau of Investigations’ Internet Crime Complaint Center received 289,874 consumer complaints of Internet fraud and other cybercrimes in 2012. These crimes resulted in an estimated adjusted dollar loss of approximately $525 million.

Now in its 10th year, Cybersecurity Awareness Month is a national initiative sponsored by the Department of Homeland Security, in cooperation with the National Cyber Security Alliance and the Multi-State Information Sharing and Analysis Center. Its goal is to raise awareness and educate Americans about cybersecurity, and increase the resiliency of the nation and its cyber infrastructure.

For more information, visit www.staysafeonline.org.

 

Questions? Contact the Compliance Hotline: 1.800.546.4465, compliance@nwcua.org.

Posted in Compliance, NCUA.