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Ukraine Conflict Talking Points for Credit Unions

Ukraine Conflict Talking Points for Credit Unions

External Member-Facing Communications

  • We understand the seriousness of the situation in Ukraine and the security concerns it has raised across the country, and globally.
  • While we hope the military escalation ends swiftly and peacefully, it is important to reassure members that their money is safe and secure at our credit union during this crisis.

Key Points:

  • The safest place for your money is in your credit union account. There is no risk to keeping money in a credit union account. However, there are many risks to having cash in hand.
  • Our credit unions are strong and can withstand this type of global crisis, just as they did at the start of the pandemic.
  • All credit union deposits are insured up to $250,000 per account through the National Credit Union Association (NCUA). This insurance is the exact same that banks have with the FDIC.
  • When it comes to keeping your money safe, we’re here for you.
  • It also is important to remind members to be extra vigilant with their finances. Fraud and scams tend to reach a higher level during times like these. Credit unions can help evaluate offers for financial services and requests to help members determine which ones are legitimate.

Key Points:

  • Your credit union has your best interests in mind and is here to help you.
  • Always think before you click to avoid fraud and scams
  • With all the latest fraud and identity theft securities, your money is safe and your accounts are accessible at your credit union.
  • This is a rapidly evolving situation and helping members through emergencies and crises like these are what credit unions do best.

Internal Communications

  • The U.S. Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency (CISA) issued two alerts addressing risks from Russian State-Sponsored cyber threatsand highlighting recent malicious cyber incidents suffered by public and private entities in

 

  • NCUA, along with CISA, the Federal Bureau of Investigation, and the National Security Agency encourage credit unions and their cybersecurity teams to adopt a heightened state of awareness and to conduct proactive threat hunting.

 

 

  • Credit unions that experience a cyber incident, should contact the Association immediately as well as the FBI’s 24/7 Cyber Watch at 855-292-3937 or by e-mail at CyWatch@fbi.gov.

 

NCUA Security Alert

Current Geopolitical Events Increase Likelihood of Imminent Cyberattacks on Financial Institutions

The U.S. Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency (CISA) has recently issued two alerts addressing risks from Russian State-Sponsored cyber threats and highlighting recent malicious cyber incidents suffered by public and private entities in Ukraine.

Given current geopolitical events, the NCUA, along with CISA, the Federal Bureau of Investigation, and the National Security Agency encourage credit unions of all sizes and their cybersecurity teams nationwide to adopt a heightened state of awareness and to conduct proactive threat hunting. In addition, COVID-related supply chain disruptions may require management to reevaluate previously held assumptions for business continuity and disaster recovery plans.

Credit union leadership should be aware of critical cyber risks and take urgent steps to reduce the likelihood and impact of a potentially damaging compromise. All credit unions, regardless of size, are potentially vulnerable to cyberattacks.

We highly encourage you to review the two CISA issuances and act on the applicable recommendations. It is crucial that your organization does its part to improve its resilience, reducing the risk of compromise or severe business degradation.

The NCUA recently created the Automated Cybersecurity Evaluation Toolbox (ACET) for federally insured credit unions to evaluate their cybersecurity posture. For more information, please visit the NCUA’s cybersecurity resources website.

Should your credit union experience a cyber incident, please contact FBI’s 24/7 Cyber Watch (CyWatch) at 855.292.3937 or by e-mail at CyWatch@fbi.gov. When available, please include the following information regarding the incident: date, time, and location of the incident; type of activity; number of people affected; type of equipment used for the activity; the name of the submitting company or organization; and a designated point of contact. To request incident response resources or technical assistance related to these threats, contact CISA at CISAServiceDesk@cisa.dhs.gov or 888.282.0870. We also encourage credit unions to report identified cybersecurity incidents to their district examiner and EIMAIL@NCUA.GOV as soon as practicable.

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