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There has been a stark uptick in cybercrime against credit unions and their third-party service providers, which often possess a treasure trove of confidential and personally identifiable member information. The paramount importance of mitigating cyber risk for credit unions is reflected in the NCUA’s recent regulatory activity, such as the implementation of its Security Examination program, risk assessment tools and adoption of cyber incident notification requirements. Between September 2023 and May 2024, over 892 cyber incidents were reported by credit unions to the NCUA, with 73% of reported incidents “related to the use or involvement of a third party.”
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