NEWS FROM THE EDGE

For credit unions – and particularly those with less than $500 million in assets under management – protecting against cyber threats is more critical than ever. Financial institutions, including credit unions, are prime targets for cybercriminals due to the sensitive financial and personal data they handle.

Ransomware attacks are increasingly costly to financial organizations, with the average cost reaching $5.13 million in 2024. (1) According to CrowdStrike’s 2024 Global Threat Report phishing, ransomware, and third-party breaches remain the top cyber threats facing credit unions today. (2) Additionally, the NCUA has warned that smaller credit unions are particularly vulnerable, as they often lack the dedicated cybersecurity resources of larger financial institutions.

Recognizing these growing risks, the National Credit Union Administration (NCUA) implemented a new rule requiring all federally insured credit unions to report significant cyber incidents within 72 hours. This rule, which took effect on September 1, 2023, is designed to enhance regulatory oversight, improve threat intelligence sharing, and help mitigate systemic risks to the financial sector. By understanding this regulation and implementing strong cybersecurity measures, credit unions can better protect their members and maintain compliance. (3)
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