In honor of Cybersecurity Awareness Month in October, National Credit Union Administration Chairman Debbie Matz urged credit unions on Monday to implement cybersecurity controls to protect against cyber threats.
“We live in a world where individuals increasingly buy their groceries, book their trips and manage their credit union accounts online,” Matz said. “As a result, the threat of identity theft and cybercrime continues to grow… Credit unions should also make cybersecurity an important part of their financial literacy efforts in October and all year long.”
Throughout the month of October, NCUA will provide information on how credit unions and their members can protect their personal and financial information on Twitter and in the upcoming issue of the NCA report. The agency will also make announcements on its Facebook page.
Cyberattacks remain a growing concern for financial institutions and regulators. The FBI’s Internet Crime Complaint Center received nearly 300,000 consumer complaints related to internet fraud and other cybercrimes last year that resulted in losses of approximately $525 million.
Cybersecurity Awareness Month, which just entered its tenth year, is an initiative sponsored by the Department of Homeland Security, along with the National Cyber Security Alliance and Multi-State Information Sharing and Analysis Center.