Recent NCUA alerts about potential cyberattacks underscore the growing threat to credit unions. A successful attack can result in financial loss, data breaches, and reputational damage, jeopardizing member trust. As a credit union, your members’ financial well-being is your top priority. But how can you ensure their data is safe in the face of increasing cyber threats? In this blog, we outline proactive steps to strengthen your cybersecurity and respond effectively to NCUA alerts.

Proactive Measures Credit Unions Should Take

While there are no confirmed incidents related to the recent NCUA notification, the following steps are crucial to ensure your institution’s security posture is resilient:

Technical Safeguards:

• • Update Infrastructure Patches: Ensure firewalls, servers, and endpoints are up to date with the latest patches. Unpatched systems are vulnerable to exploitation. Lares offers configuration reviews to help identify and resolve security gaps.
  • Credential Management: Implement strong password policies, enable multi-factor authentication (MFA), and regularly review access controls to limit unauthorized access. Lares helps organizations assess and strengthen their identity and access management systems.

The Human Element:

• • Be Vigilant Against Social Engineering: Phishing attacks often increase during heightened alerts. Train staff to spot suspicious emails or calls. Lares provides social engineering assessments to improve your defenses.
  • Verify Communications: If contacted about the NCUA alert, verify the source before taking action to prevent phishing attempts.

Preparedness:

• • Prepare Your Incident Response Plan: A well-tested incident response plan is essential. Lares offers incident response services to help you build a plan to respond quickly and minimize damage.

Stay Ahead of the Curve:

• • Stay Informed with Threat Intelligence: Stay updated with trusted threat intelligence sources to stay ahead of emerging threats. Lares integrates threat intelligence into security programs for a proactive approach.

Why Work with Lares?

Whether conducting a penetration test to uncover vulnerabilities or assisting with defensive capability measurement, Lares experts provide custom testing solutions that align with your institution’s unique needs. Additionally, our virtual CISO (vCISO) services help guide organizations through the complexities of cybersecurity while ensuring compliance with regulatory requirements.

Credit unions need partners who understand the sector’s specific challenges. Lares can help your organization confidently navigate these risks, empowering your security teams to mitigate threats before they materialize.

Contact Lares Today

If your institution is looking for expert guidance in response to the NCUA notifications or wants to ensure your security program is robust enough to withstand future threats, contact Lares for a consultation. Our team is here to help you safeguard your financial institution from adversaries.

Schedule a Free Security Review