Responding to more complex hacks
Cybersecurity oversight and implementation best practices are shifting.
As the cybersecurity threat grows larger and more sophisticated, control of credit union strategies is passing out of the hands of local managers and moving to national and international regulatory and law enforcement agencies and giant accounting firms. Credit union staffs are under pressure to be tougher, better-informed fighters, but, increasingly, the orders are coming from higher-ups.
As defenses are strengthened, reports Richard Crone, internal decision-makers are forced to recognize increased involvement by national regulatory agencies such as the National Credit Union Administration, Consumer Financial Protection Bureau and the Federal Financial Institutions Examination Council. Crone is head of Crone Consulting LLC, San Carlos, California.
These agencies set the audit standards for protecting all stakeholders, Crone explains. “Credit unions are being tasked to make sure they and all their dependent processors comply, even fintech startups,” he notes.
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