For the past several months, some large financial institutions have been subject to cyberattacks and a number of credit unions have also been impacted in recent weeks. These attacks are intended to disrupt financial institution websites and operations, and include distributed denial of service (DDoS) attacks, which involve directing a very high volume of traffic to disrupt websites. DDoS attacks do not involve data breach or hacking of a website’s content.
The Credit Union National Association (CUNA) continues to work with the Financial Services Sector Coordinating Council for Critical Infrastructure Protection and Homeland Security (FSSCC), BITS, regulators, and other entities on cybersecurity issues. The financial industry has been coordinating within the sector, and with the government on these and other cybersecurity issues. Credit unions are advised to monitor and be vigilant on their cybersecurity and risk management systems. Financial institutions should also follow federal financial regulations on internet and data security, as well as FFIEC guidance on internet authentication methods, risk assessment, and customer verification.
For more information on DDoS, please visit the CUNA membersonly webpage to access background and resources from BITS.