NCUA’s Metsger examines cybersecurity in board meeting

During a public briefing at yesterday’s board meeting, the National Credit Union Administration (NCUA) said the combination of technological innovation, expansion of social media, and growing interconnectivity are causing concern about credit unions’ cybersecurity efforts.

Representatives of the agency’s Office of Examination and Insurance said the changing landscape of cybersecurity carries “more sophisticated” risks and more numerous vulnerabilities for community-based financial institutions, including credit unions.

“Cyber criminals and cyber terrorists are increasingly using innovative online services, new ways to transmit financial information and off-the-shelf toolkits to invade computer networks, snatch personal information and steal money,” said Rick Metsger, NCUA board chairman, in a statement. “Credit unions, therefore, must evolve to stay a step ahead of the hackers and thieves knocking on their doors.

NCUA maintains a cybersecurity resources webpage to offer information on cybersecurity matters. Read more in CU Journal.