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On Wednesday, the NCUA released its annual cybersecurity report to lawmakers explaining how the agency and the credit union industry has strengthened cybersecurity efforts. Overall, the report found glimpses of positive progress in the fight against cyber-related crimes, but expressed the need to have more authority over third-party vendors to help decrease risks to the credit union system.
The 27-page "Report to the Committee on Financial Services of the House of Representatives and to the Committee on Banking, Housing, and Urban Affairs of the Senate on Cybersecurity and Credit Union System Resilience" outlined three areas of cybersecurity focus for the NCUA. Those areas included:
- Information on the policies and procedures to address cybersecurity risks.
- Activities to ensure effective implementation.
- Current or emerging threats.
On the positive side, according to the report, "In response to the policies, procedures, and activities making up the NCUA's IT examination program, credit unions have significantly improved their IT programs. Over the last 4 years, IT risk factors requiring immediate attention (which are issued to credit unions in the form of documents of resolution) have decreased."
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
