TraceSecurity reposted this
The NCUA released its annual Cybersecurity and Credit Union System Resilience Report. The report summarizes the current cybersecurity threat landscape, highlights the agency’s key cybersecurity initiatives, and outlines the agency’s ongoing efforts to enhance cybersecurity preparedness and resilience within the credit union industry. Read the full report at:https://lnkd.in/e46wUBrD
Commercial Contract, Technology, AI, and Data Security Attorney | Strategic Advisor and Litigator for Financial Institutions and Businesses | Data Security Litigation Team Leader at Barclay Damon LLP
4moThe NCUA report sheds light on significant cybersecurity risks stemming from third-party vendors, highlighting on page 14: 1- 73% of cyber incidents involve third-party vendors, marking a major area of vulnerability. 2- Vendors frequently reject examination requests or disregard recommended actions, heightening operational and compliance risks for credit unions. 3- Issues with third-party vendors not only affect individual credit unions but also threaten national economic infrastructure and security. Given these findings, as the NCUA advocates for enhanced vendor oversight, it's crucial for credit unions to actively refine their own vendor management approaches. Considering the risks, terminating problematic vendors or initiating litigation are not just viable options but sometimes necessary steps to ensure accountability and safeguard members.