The NAFCU Journal May - June 2018 - 54

INSIDE NAFCU SERVICES

Top 5 Critical Threats to
Credit Union Cybersecurity
targets high-ranking executives and
compromises legitimate business email
accounts by tricking the receiver into
making large wire transfers.

In May 2017, the FBI reported
more than $5 billion in losses due
to BEC scams.
5. Social Media Risk: Today, credit
unions face the challenge of ensuring
their communications on social media
are appropriate and compliant with
federal regulations. Proper monitoring
must be in place for brand-hacking,
impersonations and other infringing
third-party activities.

A

s cybercriminals develop
new and advanced tactics to
target financial institutions,
credit unions must protect
their members from a potential data
breach, financial fraud or even reputational damage.

BrandProtect advises credit unions to be
wary of the following threats:
1. Phishing: These scams are a form of
social engineering in which the threat
actor will try to acquire financial data
by using phony emails, text messages
and websites.

locking their system and threatens
permanent deletion of confidential
information unless a ransom is paid.

It's expected that the total
damage caused by ransomware
attacks in 2017 could exceed $5
billion globally.
3. Third-Party Rogue Apps: Since
third-party app stores are not regulated, many can be used by hackers to
modify an existing application to bait
users and extract sensitive information.

A single phishing attack could cost
a business more than $1.5 million.

According to TechCrunch, the
number of mobile app downloads
worldwide is estimated to reach
352.9 billion by the year 2021.

2. Ransomware: This malware prevents
users from accessing their files by

4. Business Email Compromise (BEC):
BEC is a sophisticated scam that

54

BrandProtect's Brand Monitoring
reports that 53 percent of people
representing brands online
are unauthorized.
Below are the simple steps your credit
union must take to mitigate the risk
of cyberattacks:
1. Provide employees with cybersecurity
awareness training.
2. Install patches and antivirus software.
3. Develop an incident response plan.
BrandProtect is the NAFCU Services Preferred Partner for cyber threat intelligence
and brand protection. More information
and educational resources can be found at
www.nafcu.org/BrandProtect.

THE NAFCU JOURNAL  MAY-JUNE 2018


http://www.nafcu.org/BrandProtect

Table of Contents for the Digital Edition of The NAFCU Journal May - June 2018

Conferences
From the Chair
Washington and Industry Briefs
Trump, Credit Union CEOs Discuss Issues at White House
Growth Strategies
In Cybersecurity We Trust?
The New Landscape of Mobile Banking
2018 Annual Conference Exhibitor Directory
Executive Spotlight
Management Insight
Compliance Central
Inside NAFCU Services
The NAFCU Journal May - June 2018 - Cover1
The NAFCU Journal May - June 2018 - Cover2
The NAFCU Journal May - June 2018 - 1
The NAFCU Journal May - June 2018 - 2
The NAFCU Journal May - June 2018 - Conferences
The NAFCU Journal May - June 2018 - From the Chair
The NAFCU Journal May - June 2018 - 5
The NAFCU Journal May - June 2018 - Washington and Industry Briefs
The NAFCU Journal May - June 2018 - 7
The NAFCU Journal May - June 2018 - 8
The NAFCU Journal May - June 2018 - 9
The NAFCU Journal May - June 2018 - Trump, Credit Union CEOs Discuss Issues at White House
The NAFCU Journal May - June 2018 - 11
The NAFCU Journal May - June 2018 - 12
The NAFCU Journal May - June 2018 - 13
The NAFCU Journal May - June 2018 - 14
The NAFCU Journal May - June 2018 - 15
The NAFCU Journal May - June 2018 - Growth Strategies
The NAFCU Journal May - June 2018 - 17
The NAFCU Journal May - June 2018 - In Cybersecurity We Trust?
The NAFCU Journal May - June 2018 - 19
The NAFCU Journal May - June 2018 - 20
The NAFCU Journal May - June 2018 - 21
The NAFCU Journal May - June 2018 - 22
The NAFCU Journal May - June 2018 - 23
The NAFCU Journal May - June 2018 - The New Landscape of Mobile Banking
The NAFCU Journal May - June 2018 - 25
The NAFCU Journal May - June 2018 - 26
The NAFCU Journal May - June 2018 - 27
The NAFCU Journal May - June 2018 - 28
The NAFCU Journal May - June 2018 - 29
The NAFCU Journal May - June 2018 - 30
The NAFCU Journal May - June 2018 - 2018 Annual Conference Exhibitor Directory
The NAFCU Journal May - June 2018 - 32
The NAFCU Journal May - June 2018 - 33
The NAFCU Journal May - June 2018 - 34
The NAFCU Journal May - June 2018 - 35
The NAFCU Journal May - June 2018 - 36
The NAFCU Journal May - June 2018 - 37
The NAFCU Journal May - June 2018 - 38
The NAFCU Journal May - June 2018 - 39
The NAFCU Journal May - June 2018 - 40
The NAFCU Journal May - June 2018 - 41
The NAFCU Journal May - June 2018 - 42
The NAFCU Journal May - June 2018 - 43
The NAFCU Journal May - June 2018 - 44
The NAFCU Journal May - June 2018 - 45
The NAFCU Journal May - June 2018 - 46
The NAFCU Journal May - June 2018 - 47
The NAFCU Journal May - June 2018 - Executive Spotlight
The NAFCU Journal May - June 2018 - 49
The NAFCU Journal May - June 2018 - Management Insight
The NAFCU Journal May - June 2018 - 51
The NAFCU Journal May - June 2018 - Compliance Central
The NAFCU Journal May - June 2018 - 53
The NAFCU Journal May - June 2018 - Inside NAFCU Services
The NAFCU Journal May - June 2018 - 55
The NAFCU Journal May - June 2018 - 56
The NAFCU Journal May - June 2018 - Cover3
The NAFCU Journal May - June 2018 - Cover4
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