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Nine Leagues Participate in Cyber Security Town Hall Hosted by Association

Over 250 credit union professionals from 9 Leagues registered to participate in Monday’s virtual cyber security town hall hosted by the MD|DC Credit Union Association. Industry experts from the NCUA, TruStage, M3, and League InfoSight discussed emerging cyber threats and best practices for protection and response.

virtual town hall

Key takeaways included:

1. Prioritize Cybersecurity from the Top:

  • Secure C-suite buy-in to make cybersecurity a strategic priority across the organization.

2. Proactive Prevention:

  • Conduct thorough third-party vendor reviews before onboarding them.
  • Perform risk assessments, starting before hiring any vendor.
  • Implement comprehensive due diligence processes and procedures.

3. Train and Evaluate:

  • Continuously train employees on cybersecurity best practices.
  • Regularly evaluate the effectiveness of your training programs.

4. Understand Your Business Impact:

  • Conduct business impact analyses to identify and prioritize critical assets.
  • Assess potential disruptions from various cyber threats.

5. Vendor Management:

  • Engage in ongoing reviews of vendors to ensure compliance with contractual expectations such as service level agreement (SLA) terms and conditions.
  • Obtain risk assessments and incident response plans from your vendors.
  • Understand your exposure through your vendors’ third-party relationships.

6. Post-Breach Response:

  • Immediately notify your insurance carrier upon experiencing a breach.
  • Engage a forensics specialist to provide an in-depth review of what happened and how to cure the challenges.
  • Focus on recovery and mitigation and getting operations restored, a review can be conducted later.

7. Key Resources:

  • Leverage League Infosight’s resources and tools which provides notification requirements, business continuity templates, communication template, task checklists and threat assessments.

Additional insights:

  • Ransomware remains a significant threat, with average payments exceeding $850,000 according to Coveware
  • Prioritize operational recovery and service continuity during incident response.

Thanks to the presenters:

  • John Kutchey, NCUA, Eastern Region Director
  • Chris Gill, TruStage, Senior Manager, Risk and Compliance Solutions
  • Derek Laczniak, M3, Director Cyber Liability & Alex Friedl, M3, Brokerage & Cyber Liability Account Manager
  • Amy Wargo, League Infosight, Director of Risk Management

Thanks to the following Leagues for participating:

  • The Credit Union League of Connecticut
  • CrossState Credit Union Association
  • Cooperative Credit Union Association
  • Michigan Credit Union League & Affiliates
  • Maine Credit Union League
  • Association of Vermont Credit Unions
  • Virginia Credit Union League
  • West Virginia Credit Union League

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