Where Is Your Members’ Data on the Cyber Supply Chain?

News that approximately 60 credit unions have been impacted by a cybersecurity attack on a technology provider has both immediate implications for the industry and should have larger consequences for the entire financial sector. Simply put, this incident is a smaller scale version of what could happen and probably will happen on a much larger scale, unless changes can be made to the dynamics facing the integration of technology into the financial services infrastructure.

Although precisely what happened is not yet known, what we do know based on press reports is that a ransomware attack affected a unit of Trellance, a cloud computing provider used by some credit union vendors. As a result, the impacted credit unions lost access to member account information.

As for its impact on the credit union industry, NCUA Chairman Todd Harper has been warning for months that ... Read the complete article on Credit Union Times.

Where Is Your Members’ Data on the Cyber Supply Chain? -