'A Clear Need in the Industry,' NAFCU Announces New Cyber & IT Network

NAFCU said it is rolling out a new member-only cybersecurity and IT network to foster open communication among credit union officials about the unique technology issues facing the industry.

The new network, adding to the association’s other networks, including lending, compliance and marketing, will feature “active discussion threads and knowledge exchange with peers.” NAFCU said the network will offer templates, reports and training, in addition to NAFCU staff and industry expert insight.

A member directory will allow credit union cybersecurity and IT experts to more easily connect, NAFCU said.

“The credit union community is stronger when we work together, and NAFCU’s newly launched cybersecurity and IT network will help bring the industry together to discuss ways we can better protect our members’ financial data and strengthen our systems,” Anthony Demangone, NAFCU executive vice president and COO, said in a statement.

NAFCU member credit unions helped develop the cybersecurity and IT network, which will be “driven by a steering committee of credit union professionals working in the field,” the trade association said.

“Working directly with our credit union members, the NAFCU team discovered a clear need in the industry,” Demangone said. “We then pivoted to create a network where credit unions can discuss and share strategies to guard against cyber thieves and fraudulent behavior, bolster security, and improve databases and internal systems.”

The COVID-19 crisis has only ramped up claims of digital fraud involving financial accounts, according to federal officials. A recent survey from Transunion showed phishing attacks were among the most common in the virus era.

The pandemic also has posed innumerable tech issues associated with large percentages of credit union employees operating from home.

“Technology affords opportunities for working remotely under normal circumstances, as well as in times of emergency. Employees working remotely have a responsibility to address cybersecurity risks for their home networks, personal computing devices, and other internet-connected devices,” NCUA said in April.

The other NAFCU networks are CFO network; Compliance, Risk & BSA; Human Resources Network; Lending Network and the Marketing & Growth Network.