SEATTLE–Credit unions here were offered some strategies on how to respond in the event data is compromised.
CUNA Mutual Group’s Jay Isaacson, vice president of business protection, shared real-life scenarios of credit unions that have had a cyber-exposure and what could have been done differently during an America’s Credit Union Conference Discovery Breakout Session today.
Isaacson made clear that cyber threats come in many forms, especially as an increasing number of insiders and vendors access sensitive personal information and hackers become more sophisticated. On average, hackers with administrator credentials aren’t discovered in a network for seven months. Having the appropriate people, processes and tools are crucial components of a sound cybersecurity governance structure, Isaacson said.
According to Isaacson, many credit unions aren’t aware of the importance of meeting industry protection standards and security best practices, and less than 40% of credit unions have a cyber-insurance policy in place.
Isaacson told ACUC attendees that credit unions must act now to choose and get to know legal counsel, forensic experts, and crisis management professionals before they need them, and practice their incident response plan – it’s critical and required by the NCUA.