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Six Steps to Prepare for Cyber Attacks
Friday, April 26, 2013 7:30 AM

 

As a financial institution, you are a favored target for cyber criminals. According to a recent study by Ponemon Institute, 64 percent of bank respondents said their institution had a Distributed Denial of Service (DDoS) attack last year. 

Cyber attacks against U.S. financial institutions are nothing new. However, in 2012, cyber criminals claiming to be politically motivated conducted several well-publicized large-scale attacks on national banks and credit unions. The scale and speed of these attacks were unprecedented. 

Here are six steps you can take to prepare your credit union for a cyber attack:

1. Don't underestimate the threat of cyber attacks.

2. Mitigate the risk of service interruptions by DDoS attacks.

3. Perform due diligence on third-party service providers.

4. Be prepared to provide timely and accurate information to members.

5. Check transfers initiated through online banking when an attack occurs.

6. Have a strong multi-factor authentication method in place for online banking systems.

Details on these steps and the CUNA Mutual Risk Alert, "Are You Prepared for a Cyber Attack?" can be found in the CUNA Mutual Group Protection Resource Center and are available free to CUNA Mutual Group bond policyholders. Log-in required.