Cybersecurity is a top concern for the credit union industry year-round, but the issue receives special focus in October, which is recognized as National Cybersecurity Awareness Month. Here are three things credit unions should be aware of to help the industry effectively prepare for and address cyber threats.
1. FBI warns of high-impact ransomware attacks. The FBI last week released a new public service announcement (PSA) to alert U.S. businesses and organizations to high-impact ransomware attacks. Barracuda – a security and data protection solutions firm – released new data in August that showed more than 70 state and local governments had suffered such attacks so far in 2019.
The FBI, in the PSA, explained that “ransomware is a form of malware that encrypts files on a victim’s computer or server, making them unusable. Cyber criminals demand a ransom in exchange for providing a key to decrypt the victims files.”
The agency warned that these attacks “are becoming more targeted, sophisticated, and costly.” The announcement included further details of how ransomware works, how businesses affected by an attack should respond, ways to protect an institution from ransomware attacks, and 12 best practices for cyber defense.
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