Cyber Attacks...In the News and Costing Millions
in Compliance & Regulatory
By: Nicola Foggie, NJCUL Vice President, Compliance and Regulatory Affairs

With stories peppering the news like the two I’m sharing here, credit unions, if you have not already addressed your organization’s cybersecurity needs and further, taking the time to create a plan to protect your systems and members’ private information from attacks, such as breaches, malware, hacking, phishing scams, identity theft…I could go on…then you need to gather your senior management and board directors and begin the assessment of the vulnerabilities of your credit union, look to your organization’s cyber-safety (or lack thereof), and work internally, or with verified partners, on a proactive plan of cyber-action!

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Bank Loses $2.4M in Two Attacks
A U.S. bank has been the victim of two cyber-attacks in under a year that resulted in $2.4 million in total losses. A phishing email targeting a bank employee gave hackers access to an internal workstation in May of 2016, providing the nefarious actors with the ability to install malware that gave them access to the STAR ATM network and allowed them to make withdrawals at hundreds of ATMs in January of 2017. Following the incidents, the bank filed claims with its insurance carrier, which has refused to cover the bank's losses. Click here for the details.

Source: Threatpost

Costly Insider Threats - To the Tune of $12 Million
In the past two years, the average number of insider-related incidents involving employee or contractor negligence has increased from 10.5 to 13.4, and the number of credential theft incidents has tripled, according to the Ponemon Institute 2018 Cost of Insider Threats report. What comes as no surprise is the research firm's findings that the financial services industry takes the hardest hit from insider threats, with total annualized losses of $12.05 million. Security Week Magazine shares more information here.

Source: Security Week