Cyber Security Discussed at North-Central Chapter Meeting

RAHWAY, N.J. - Credit union staff and volunteers gathered on Thursday for a nice meal and networking at Luciano’s Restaurant in Rahway, N.J. for a North-Central Chapter meeting.

After the usual chapter updates, NJCUL President/CEO, David Frankil provided a League update on affiliation and shared information about member business lending (MBL) solutions for credit unions of all sizes. Look for information about njBIZloan Connection here. Frankil also discussed the upcoming NJCUL Director and Volunteer Conference that was designed by a group of credit union directors in New Jersey.

Barbara Agin, NJCUL VP of member experience & education, followed with an update on education and events.

After a lovely meal, NCUA Supervisory Examiner Terrence Adam addressed the topic of the cyber security landscape for credit unions. Adam focused on the importance of performing an IT Risk Assessment, including an IT Vulnerability Test. He stressed that risks and controls need to be approved by the board. He reviewed the main items that an assessment must include.

Adam shared that unfortunately this is another area where it takes money and resources to do so effectively with no revenue to be gained.

In the League's latest blog post, "NJCUL Encourages Cus to Get Cyber Security Ready", NJCUL Vice President of Compliance and Regulatory Affairs Nicola Foggie discusses the NCUA's new Automated Cybersecurity Examination Tool (ACET). The League also offers Cybersecurity Assessment Reviews; for more information and/or to schedule a review for your credit union, contact Nicola Foggie at nfoggie@njcul.org.