NCUA Plans Major Cybersecurity Effort Posted by Association of Vermont Credit Unions on 3:24 PM

The financial services industry, including credit unions, is a major target for hackers, thieves, and other threats, and the NCUA is developing a long-term plan to provide training and information to better prepare the agency and credit unions to meet those threats.

NCUA’s Office of Examination and Insurance and Chairman Rodney E. Hood’s special advisor on cybersecurity presented the Board with a briefing on cybersecurity issues.

“Nearly every day, we see the growing sophistication of hackers, thieves, and terrorists,” Chairman Hood said. “We need to bring fresh thinking to our regulatory approach; it is essential we strike a balance between innovation and security. We at the NCUA are determined to be a leader in identifying and responding to cyberthreats. Credit unions are on the front line against any cybersecurity incident. Protecting the credit union system’s IT infrastructure requires a public-private partnership, and we want to work together with you to make sure that your credit unions and your members are protected.”

The NCUA has initiated a new examination program for cybersecurity, which is being continually enhanced. In developing their own cybersecurity plans, credit unions should pay particular attention to maintaining strong security controls and be prepared to respond to cyberattacks.

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

Read NCUA's bulletin on the effort