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For credit unions, the risk of falling victim to a ransomware attack is without a doubt high, according to several cybersecurity experts who work in the financial services space. And while the process of mitigating that risk might seem costly and confusing, taking steps to get ahead of an attack before it hits is the only way credit unions can protect not only their sensitive data, but their business volume and reputation.
James Turgal Ransomware – a type of malware that holds an organization's data "hostage," and threatens to release it to the public and/or make it inaccessible until a ransom is paid, usually in cryptocurrency – has grown in sophistication since its first recorded case in 1989. James Turgal, vice president of cyber risk, strategy and board relations for Optiv Security in Denver, said ransomware has evolved in the past decade to the point where nation states are writing their own ransomware code and carrying out coordinated attacks – and that financial services organizations have always been appealing targets.
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Natasha Chilingerian
Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.
