Incident Response Playbook: 4 Cybersecurity Tips for Credit Unions

Because proactive prevention can be the difference between a minor interruption and a catastrophic cyber event, Woods Rogers Cybersecurity & Data Privacy Principal Beth Waller and attorney Ross Broudy authored a primer for credit union leaders with tips to take in the New Year to plan and prepare effectively. The article, published in Credit Union Times, gives financial institutions the tools to anticipate inevitable cyber events that hit their organizations or third-party vendors.  

Beth and Ross cite recent data that points to a clear uptick in cybercrime against credit unions and their third-party service providers: “ The paramount importance of mitigating cyber risk for credit unions is reflected in the NCUA’s recent regulatory activity, such as the implementation of its Security Examination program, risk assessment tools and adoption of cyber incident notification requirements. Between September 2023 and May 2024, over 892 cyber incidents were reported by credit unions to the NCUA, with 73% of reported incidents “related to the use or involvement of a third party.”

Read Beth and Ross’ four tips to help credit unions start the New Year with confidence that their organizations can weather the storm on Credit Union Times’ website here.