Cyber Security Briefing of the NCUA Board - October 2024

Credit Union Regulatory Guidance Including: NCUA, CFPB, FDIC, OCC, FFIEC

www.marktreichel.com

https://www.linkedin.com/in/mark-treichel/

Show Notes: NCUA Board Cybersecurity Briefing - October 2024

🎙️ With Flying Colors - A Credit Union Examination Podcast

Hosted by Samantha Shares

Sponsored by Credit Union Exam Solutions Inc.

Episode Overview:

Join us for a comprehensive breakdown of the NCUA's October 2024 cybersecurity briefing, where key officials provided critical insights into the current threat landscape facing credit unions.

📊 Key Statistics:

- 1,072 cyber incidents reported (Sept 2023 - Aug 2024)

- 742 incidents (70%) involved third-party vendors

- 13 major service provider events affected multiple credit unions

- Financial services is 5th most targeted critical infrastructure sector

- Ransomware demands typically range from $1M-$10M

🔑 Main Discussion Points:

1. Current Cyber Threat Landscape:

- Ransomware attacks

- Business email compromises

- ATM security issues

- Third-party provider outages

2. Emerging Threats:

- Malvertising attacks

- Social engineering tactics

- Web application vulnerabilities

3. NCUA Recommendations:

- Maintain offline encrypted backups

- Implement zero trust architecture

- Create incident response plans

- Strengthen vendor risk management

🚨 Incident Reporting Requirements:

- 72-hour reporting window

- Contact methods:

- Phone: 1-833-CYBERCU (1-833-292-3728)

- Email: [email protected]

- New web form coming December 2024

📱 Pro Tip: Save the NCUA cyber incident reporting number in your contacts for quick access during emergencies.

🔗 Resources Mentioned:

- NCUA Cybersecurity Resources Page

- Letter to Credit Unions 24-CU-02 (October 21, 2024)

- NCUA's Automated Cybersecurity Examination Tool (ACET)

- CISA Cybersecurity Resources

💡 Key Takeaway:

Cybersecurity threats to credit unions continue to evolve and increase, with third-party vendors representing a significant vulnerability in the system. Credit unions must remain vigilant and maintain strong cyber hygiene practices.

📞 Contact Information:

- For exam assistance: Visit marktreichel.com

- Connect with Mark Treichel on LinkedIn

🎧 Next Episode:

Stay tuned for more insights on credit union examination success strategies.

#CreditUnions #Cybersecurity #NCUA #FinancialServices #RiskManagement

Sponsored by Credit Union Exam Solutions Inc. - Over 240 years of combined NCUA experience helping credit unions save time and money on examinations.

Note: This podcast is educational and does not constitute legal advice.

Are you worried about an NCUA exam in process or looming on the horizon? Don't face it alone!

We're ex-NCUA insiders with decades of experience, ready to guide you to success. Our team understands the intricacies of NCUA examinations from the inside out.

Hire us and gain:

• Peace of mind during your exam process

• Insider knowledge of NCUA procedures and expectations

• Strategies to address potential issues before they become problems

• Continuous access to our extensive subject matter expertise

With our access retainer, you'll have on-demand support from former NCUA experts. We're here to ensure your credit union achieves flying colors in its next examination.

Contact Credit Union Exam Solutions today to learn more about our services and how we can help your credit union succeed.