The National Association of State Credit Union Supervisors (NASCUS) Cybersecurity Symposium wrapped up August 2 in Chicago, Illinois. If you attended the event, here is a chance to catch up on some information that you may have missed, or if you didn’t attend, take a moment to look over what was discussed at the 2016 event.
The conference kicked off with the examination of several recent cyber litigations such as the Target, Home Depot, and Wendy’s data breaches. The speakers explained as these types of breaches continue, the cost for credit unions will increase.
According to NASCUS, Cybersecurity breach costs to credit unions include:
- Costs associated with cancelling and reissuing payment cards
- Costs from refunding fraudulent charges
- Costs associated with increasing fraud monitoring on potentially compromised accounts
- Lost charges and transaction fees due to reduced card usage or reissued cards that are never activated
- Any 3rd party identity protection services often offered incident to security breaches
It is clear that cybersecurity is a growing threat and is costing financial institutions a great deal of time and money. New regulations are being passed by different governing bodies to prevent future cybersecurity attacks from happening. The Cybersecurity Symposium outlined the different regulations in place by the GLBA, the FCRA, the NCUA, and the State to protect members` information.
According to the NCUA, its guidelines for being proactive on protecting credit union data and their members are:
- Encrypting sensitive data
- Developing a comprehensive information security policy
- Performing due diligence over third parties that handle credit union data
- Monitoring cybersecurity risk exposure
- Monitoring transactions
- Testing security measures
In addition, each state has its own laws in place to protect members, and these laws can be very strict. The conference noted that it is important to know both federal and state laws on cybersecurity to keep your credit union compliant.
Additional topics covered at the conference were; tips on how to pick the right cybersecurity assessment tool, how to conduct a cybersecurity risk assessment, the cybersecurity sharing act, NCUA’s discussion on building a cybersecurity intelligence capability for banks and credit unions, tips on improving cybersecurity now, and how to budget for cybersecurity.
Where do credit union forms come in?
Oak Tree Business Systems, Inc. takes security very serious. Know that when you use Oak Tree as your credit union forms provider, you are choosing a forms company that makes no compromises in our security practices. Oak Tree does not use any cloud storage and never accepts or stores your members` information. In addition, Oak Tree allows credit unions the freedom of choosing which data processor to integrate with its forms. This allows the credit union to have control of picking the most secure data processor to protect their credit union’s data and its members, while optimizing its goals and objectives. To learn more about credit union forms solutions from Oak Tree Business Systems, Inc. chat with us here.