Posts Tagged ‘ncua’
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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Perhaps a hundred years ago, you’d not expect running water or think electricity as a complete luxury. But nowadays could you imagine having to pump a well, then heating your bath water (probably no quick shower!) daily to get ready for work instead of having running water at the turn of a faucet? And could you live by candle light without lights, toasters, microwaves? Likely anyone reading this blog (on a computer or smart phone) couldn’t imagine life without either electricity or water.
My next question: could you choose between protecting your business, its data, staff and future? Could your business live without technology (and much needed support that comes with ever changing technology)?
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