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Minimizing the Threat of Cyberattacks

By: Barbara Mathey, President/CEO

Current world events have caused a heightened awareness to the possibility of cyberattacks. In fact, the likelihood of these attacks has increased to a point that we must conduct regular proactive investigations to identify possible threats. Cyberattacks can be successful when systems contain cybersecurity vulnerabilities, and they can pose significant risks to the entire financial system. Think about the cyberattacks that have totally shut down large companies and whole industries.

The financial industry is critical to our economy and to us all on a daily basis and as part of the industry, IBEW & United Workers Credit Union will be doing our part to protect our systems and our members. By regulation, we are required to do at least the following:

  • Develop a written security program
  • Protect the Credit Union office from robberies, burglaries, larcenies, and embezzlement
  • Ensure the security and confidentially of member records
  • Protect against the anticipated threats or hazards to the security or integrity of all records
  • Protect against unauthorized access to or use of such member records which would result in substantial harm or serious inconvenience to the member
  • Respond to incidents of unauthorized access to or use of member information
  • Assist in the identification of persons who commit or attempt such actions and crimes
  • Prevent destruction of vital records

In addition to the previous actions, the Credit Union consistently tests the security of our systems, and we update security levels regularly. We monitor the transactions and the general operation of the system for any suspicious activity.

The Credit Union takes our responsibility to protect against cyberattacks very seriously and we encourage each of our members to do their part as well. Keeping your personal records private and in a safe place, never disclosing any personal information, checking the validity of websites before making purchases and using a credit card over debit cards. Never give out your personal information to someone that calls you on the phone. And most importantly, check your account every day for unrecognized transactions, as they could be a sign of a security vulnerability. Let us know immediately, as the sooner we know, the sooner we can detect and close any system weakness and block any fraudulent activity from continuing your accounts.

Fraud and identity theft has been a problem for many years, and it will continue. Cyberattacks are designed for a bigger purpose; closing down entire systems for ransom and data collection and that threat will also be with us for years to come.

Remember that we can’t always stop these things from happening, but we can do our best to minimize our risk.

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Published by IBEW And United Workers Federal Credit Union
Includes copyrighted material of IMakeNews, Inc. and its suppliers.
Disclaimer - All content contained in this newsletter is for informational purposes only and should not be relied upon to make any financial, accounting, tax, legal or other related decisions. Each person must consider his or her objectives, risk tolerances and level of comfort when making financial decisions and should consult a competent professional advisor prior to making any such decisions. Any opinions expressed through the content in this newsletter are the opinions of the particular author only.  

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