A statement from the Federal Financial Institutions Examinations Council lists the steps credit unions should take to address the threat posed by cyber attacks on ATM and card authorization systems. Also in today’s Anthem: Legal Briefs, and the Question of the Week: “Can a credit union stop payment on a cashier’s check, teller’s check or certified check?”
Breach Boot Camp: Learn How to Manage the Fallout from Cyber Attacks at Marketers’ Networking Council on Jan. 29
With more than 100 million credit and debit cards potentially compromised in the Target breach and new information about additional holiday cyber attacks still unfolding, credit unions are working fast and furiously to address the situation. Solutions can be found at “Breach Boot Camp,” the theme of the Jan. 29 Marketers’ Networking Council.
Financial institutions are attractive targets for cyber criminals. A technology security expert is sharing insight with Northwest credit unions at the next Tech/Security council. Don Rudolph says the financial industry is well prepared now but can take additional steps to stay ahead of attackers.
The FBI has warned financial institutions of the possibility of a Sept. 11 cyber attack. The NWCUA’s compliance team continues to track internet chatter warning of cyber attacks and offers security information to member credit unions.
Cyber bullies have announced plans for more DDoS attacks on financial institutions. The NWCUA Compliance Department offers a security checklist and other resources for credit unions.
Financial institutions are putting their security systems to the test in an elaborate drill organized by a large Wall St. Trade Group. “Quantum Dawn 2” follows a wave of cyber attacks late last year during which some banks had to temporarily shut down their websites after an attack overwhelmed them with traffic.
Whether it’s a hoax or a real threat, internet chatter warning of widespread cyber attacks on May 7 is a good opportunity for credit unions to review their online security systems.
A risk alert issued recently by the NCUA provides credit unions with guidance and steps to follow to mitigate distributed denial-of-service (DDoS) attacks.
Izz ad-Din al-Qassam Cyber Fighters, a hacktivist group that took credit for several recent DDoS attacks against banks, has said it will suspend the assaults for the time being. CUNA Mutual Group’s Ken Otsuka urges credit unions to use this opportunity to take six specific steps to defend against cyber attacks.
In 2012, terms like “fiscal cliff” and “regulatory burden” became part of the credit union lexicon. With the threat of cyber attacks looming, 2013 may see terms like “Project Blitzkrieg,” “DDos,” and “Shamoom” added to the credit union vernacular. Is your credit union prepared?
Credit unions must be on the alert in the wake of a massive cyber attack targeting the nation’s largest banks. A Middle Eastern group has claimed responsibility for the hacking, which blocked millions of customers from access to their online accounts for several hours.
Strategic Link business partner CSCU talks with Greg Schaffer, corporate executive vice president and chief information security officer (CISO) for FIS Global, about the various threats facing credit unions and what to look for when hiring a CISO.