The session will discuss emerging cyber security risks and outline the new Cybersecurity Assessment Tool available for credit unions. The tool can help credit unions understand their risks, and determine if they have a sufficiently complete cyber security program in relation to those risks. Tim will discuss strategic advantages to using this tool both internally and in relation to your interconnections with vendors.
NCUA developed this Cybersecurity Assessment Tool in partnership with the other Federal Financial Institutions Examination Council (FFIEC) agencies, which are conducting similar outreach to their regulated banks. The scalable tool is designed for financial institutions of all sizes and levels of sophistication, to evaluate whether their cyber security preparedness is aligned with their risk. The intent is to determine risk management practices and controls that are needed to secure each insinuation’s cyber infrastructure. In 2016, the new Cybersecurity Assessment Tool will be incorporated into the examination process for all federally insured financial institutions.
Cyber-attacks from hostile nations are among the most serious issues facing U. S. government agencies and financial institutions. Credit Union of all sizes are facing constantly evolving attacks from cyber-hackers and cyber-terrorists who want to steal money, steal personal information, and worse, shut down the entire U. S. financial system. Relatively small institutions, including credit unions, are viewed as potentially vulnerable entry points for cyber-attackers to penetrate larger financial networks, and payment systems. That’s why ensuring cyber security within the credit unions system is on the NCUA’s highest priorities.
NCUA August Report Cybersecurity article (click for additional information)
Presented by Tim Segerson, Deputy Director of Office of Examination and Insurance, NCUA. As Deputy Director, Tim serves on FFIEC’s Cybersecurity and Critical Infrastructure Work Group.
**CUs that are registered Council members may send up to 3 attendees to this session. IT and Compliance professionals, along with other members of the management team, are encouraged to attend.