Chuck Fagan
ST. PETERSBURG, Fla.—Consumers’ growing demands for digital services and regulators’ increasing scrutiny on cybersecurity make it imperative CUs choose the right partners to help them manage this challenging aspect of their business, according to PSCU.
“The digital shift continues to gain momentum with no signs of slowing down in 2017. It is imperative for credit unions to continue evolving by adopting a strong online presence, and with that comes added concerns around cybersecurity,” said Chuck Fagan, PSCU president and CEO. “As attacks on hardware and the Internet of Things continue to grow, cyber criminals are continuously devising new attack routes.”
Fagan noted that it is difficult to predict what will happen and what will be needed in 2017 regarding cybersecurity, making the planning process difficult.
“The NCUA’s announcement of the introduction of a cybersecurity assessment into its examinations by late 2017 will have an enormous impact on credit union planning,” said Fagan. “While smaller financial institutions like credit unions remain a target when it comes to fraudsters and hackers, credit union partners like PSCU continue to invest and gain knowledge and insight regarding cybersecurity to ensure credit unions have the upper hand.”
Voluntary Tool
Fagan pointed out that the existing cybersecurity assessment, available from the Federal Financial Institution Examination Council, is a voluntary tool designed to evaluate a credit union’s preparedness in order to help alleviate cyber risks.
“The NCUA is utilizing various principles from this assessment to ensure security issues are being addressed by credit unions, with a long-term goal of performing periodic reviews using a structured cybersecurity assessment tool for all credit unions,” said Fagan. “As credit unions and their supporting consultants initiate planning efforts for 2017, it is important that they evaluate and select partners and vendors that are agile at detecting cybersecurity threats accurately and responding quickly.”
Fagan said that PSCU continues to expand its Security Analytics system, allowing CUs to correlate disparate log and system feeds and turn those into actionable alerts.
“The system has also simplified compliance reporting, allowing customized reports to be quickly produced as required,” he said. “This continued investment in resources to combat cybersecurity threats has improved the people, processes and technology systems targeted at protecting the information entrusted to PSCU by its credit union owners.”