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Cyber Security Briefing of the NCUA Board - October 2024
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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: cybercu@ncua.gov
- 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.
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