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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: [email protected]

  - 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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