Written by Shereefat Balogun, Regulatory Compliance Counsel
Hello, hello, hello! My name is Shereefat Balogun and I am the newest addition to the Regulatory Compliance team at NAFCU. I am so excited to be working with our member credit unions and look forward to working with you and address your regulatory compliance concerns.
Just a reminder that this month is National Cybersecurity Awareness Month! National Cyber Security Awareness Month (NCSAM) is observed each October and encourages vigilance and protection by all computer users, including consumers, financial institutions, and government agencies. Cybersecurity is a high priority for examiners and a focus of FFIEC.
As Attorney General Loretta E. Lynch stated in her address to the European Cybercrime Center at Europol, “Cybercriminals are getting more sophisticated, more adaptable and more ambitious in their wrongdoing.” As credit unions know too well, the costs associated with cybercrimes make it clear that steps need to be taken to defend against the rampant growth of cyberattacks. NAFCU continues to urge lawmakers to secure greater security for financial data.
In the meantime, cybersecurity is a dynamic and complex risk management process. As part of Cybersecurity Awareness Month, many regulatory agencies and industry groups will be hosting initiatives and events to promote awareness and offer best practices and tips. NCUA is scheduled to host a consumers’ Twitter chat with the Federal Trade Commission on Oct. 22. NCUA will also regularly post tips and best practices on Facebook and Twitter that credit unions and members can use to make electronic communications more secure. Moreover, NCUA is planning another webcast on FFIEC’s new cybersecurity self-assessment tool (July’s archived webcast on this tool can be found here).
Here are a few other items that may be of interest:
- NCUA Cybersecurity Resources
- FBI Cybersecurity Awareness Month – summarizes some of the law enforcement agency’s initiatives in the area of cybersecurity
- CU Times Data Breach Defense virtual conference – available online and covering topics like knowing your credit union’s vulnerabilities and identifying internal threats
- Stay Safe Online.org (part of the National Cybersecurity Alliance) – contains resources for businesses as well as a listing of events like conferences and webcasts occurring this month as part of cybersecurity awareness month
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NCUA Board Agenda. Yesterday, NCUA released the agenda for this month’s Board meeting. Agenda items includes the final risk-based capital rule (RBC2). NAFCU will keep members posted next week with the results of the meeting.
Programming Note. NAFCU's office will close at noon today and will also be closed on Monday for the long holiday weekend. We will be back to blogging on Wednesday. Have a great Columbus Day weekend!
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Effectively Utilizing the New FFIEC Cybersecurity Assessment Tool
Live Webcast: Tuesday, October 20 | 2:00 p.m. – 3:30 p.m. EST. The Federal Financial Institutions Examination Council’s (FFIEC) new cybersecurity assessment tool is immensely helpful—even moreso if you use it right. Learn how to take advantage by properly identifying baseline risks, comparing them to corresponding controls, and involving the necessary stakeholders throughout the credit union. It’s a powerful tool for helping protect your members’ data; we’ll help you harness it.
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