Ransomware Is a Serious and Growing Threat

Read the Latest Issue of “The NCUA Report” Online

ALEXANDRIA, Va. (Oct. 24, 2016) – Smaller financial institutions, like credit unions, face a dangerous and growing threat to the safety and security of their data and sensitive information in the form of ransomware.

In the latest issue of The NCUA Report, NCUA’s Office Small Credit Union Initiatives details what ransomware is and the increasing role it plays in cyberattacks against smaller financial institutions. The article also provides resources that credit unions can use to prevent and respond to these attacks.

The October 2016 issue of The NCUA Report newsletter is available online here.

The agency’s newsletter features columns from NCUA Board Chairman Rick Metsger and Board Member J. Mark McWatters, as well as articles from several NCUA offices on the agency’s initiatives and information on supervisory, regulatory and compliance issues that are important to all federally insured credit unions.

Articles in this month’s issue include:

• New Technologies Mean New Risks and New Cybersecurity Demands
• Chairman’s Corner: Improving NCUA’s Exam Process for Efficiency, Effectiveness, Flexibility
• Board Member McWatters’ Perspective: Interest-Rate-Risk Supervision Should Not Result in Micromanagement
• Board Actions: Stabilization Fund’s Net Income in Second Quarter Tops $425 Million
• Planning and Testing Are Key to Being Able to Recover from a Disruption
• Reminder: Nominations for Consulting Services Due Nov. 30
• Outlook Looks Strong As the Fed Moves Closer to Raising Rates
• State Credit Union Data Show Growth in All Major Categories
• Submit Voluntary Diversity Checklist by Nov. 30

Published monthly, The NCUA Report is NCUA’s flagship publication. The newsletter highlights important Board activity and key issues that credit union managers, staff and volunteers need to know. If interested, you can subscribe to the online version of the newsletter here. Previous issues of The NCUA Report are available online here.