In recent years, credit unions in the United States have become increasingly susceptible to cyber- attacks, emphasizing the urgent need for robust cybersecurity measures. These financial institutions, known for their community-focused approach, face the daunting challenge of protecting sensitive member information from the evolving threat landscape. This article delves into recent cyber- attacks on credit unions in the USA and proposes cybersecurity best practices to fortify their defenses.
Recent Cyber Attacks on Credit Unions:
In the past year, credit unions across the nation have fallen victim to a variety of cyber- attacks, ranging from ransomware incidents to data breaches. These attacks exploit vulnerabilities in digital infrastructures, putting member data and financial systems at risk. In some cases, threat actors have targeted credit unions for their perceived weaker security postures compared to larger financial institutions.
In a recent cyber-attack, over 60 credit unions across the United States have been taken offline following a ransomware attack at one of their technology providers - demonstrating once again the damage that can be caused by asupply-chain-attack.
There are a few moving parts here, so here’s a quick summary:
Trellance- A provider of solutions and services used by credit unions, and the parent company of FedComp.
FedComp- a provider of software and services that enable credit unions to operate around the world.
Ongoing Operations- a unit of Trellance, which specialises in disaster recovery and business recovery, providing cloud services to credit unions to ensure that their business activities "operate without interruption, even when nothing else seems to be going well."
National Credit Union Administration (NCUA) spokesperson Joseph Adamolisaidthat several credit unions were informed at the start of this month by Ongoing Operations that it had been hit by a ransomware attack.
In an update on its website, Ongoing Operationsdescribeshow it experienced the "isolated cybersecurity incident" on November 26, 2023, and "took immediate action to address and investigate."
Ongoing Operations also brought in third-party specialists to assist in the investigation, informed federal law enforcement, and notified impacted customers.
Of course, Ongoing Operations is in the supply chain (via Trellance and FedComp) to scores of credit unions, which raises understandable concerns that not only are the operations of credit unions being impacted by the attack but also that sensitive information may have been accessed by malicious hackers.
Ongoing Operations says that currently, it has "no evidence of any misuse of information" and that it is still conducting a review to ascertain what data may have been impacted and to whom the information belonged.
It's important to underline that it was not the credit unions themselves that fell victim to a ransomware attack. This was a supply-chain attack targeted at a company that provides services to many credit unions.
When a supply chain suffers a cybersecurity breach as powerful as a ransomware attack, the impact can cascade downwards, impacting many more companies that share the same common provider and - as a consequence - many more customers.
In this particular case, security researchers haveclaimedthat the attack was executed via exploitation of theCitrixBleed vulnerability(also known as CVE-2023-4966) on an unpatched Cisco NetScaler device.
The National Credit Union Administration (NCUA) says that in the wake of the cyber- attack, it is coordinating with affected credit unions.
What to do immediately if you are one of the affected credit union or have worked with one of them?
#Cyberdefense #RainbowSecureStopsCyberAttacks
Going forward: Best Cybersecurity practices for credit unions
Enhancing cybersecurity measures is crucial for credit unions to safeguard sensitive member information and maintain the trust of their customers. Here are some cybersecurity good practices tailored for credit unions:
Implementing a comprehensive cybersecurity strategy is essential for credit unions to protect their assets and the sensitive information of their members. Regular training, proactive monitoring, and collaboration with industry partners can significantly enhance the cybersecurity posture of credit unions.
In the face of escalating cyber threats, credit unions must prioritize cybersecurity to safeguard their members' trust and financial well-being. By implementing these best practices, credit unions can fortify their defenses and create resilient systems that withstand the evolving nature of cyber-attacks. Vigilance, collaboration, and a commitment to continuous improvement are paramount in the ongoing battle against cyber threats.
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