The Federal Credit Union January-February 2014 - (Page 2)

VOICES & OPINIONS What measures has your credit union taken to prepare for a cybersecurity breach? " Advantage FCU takes the threat of a cybersecurity breach very seriously. We have 24/7 network monitoring with the ability to shut down Internet ports and services immediately. Our business continuity plan outlines the steps necessary to identify and block the source of the breach, restore data and restore services, and it includes a detailed communication plan for our members so they are made aware of any potential compromise. This is the type of plan we hope we never need to use. " - JEFFREY BOCACH, president and CEO, Advantage FCU, Rochester, N.Y. " Security is not a one-time fix; it requires ongoing acknowledgment of current and new risks and then a plan to implement countermeasures and preventative solutions. We proactively engage in a defense-in-depth posture using sensors and detectors throughout our networks. We use filters on all Web and email systems, and all of our hardware is encrypted in an effort to mitigate breach exposure and enhance the organization's safety and soundness. Finally, we maintain cyberinsurance, since there are no foolproof measures any organization can take. " - JOHN T. FENTON, president and CEO, Affinity FCU, Basking Ridge, N.J. 2 " Our constant focus is on prevention and detection so we do not encounter such breaches. Our secure network infrastructure provides a 24/7 intrusion detection and prevention service. In addition, we hire a top-level third-party firm to assist us with an annual information security risk assessment. This assessment is coupled with penetration testing and vulnerability assessments. In the event of an actual breach, our actions are guided by our comprehensive incident response policy. Prompt member notifications are an important requirement of the policy. Once a breach is identified, our vendors are notified and provide assistance with remedial actions that might be required within our systems and networks to rectify the situation following a security breach. " - CARL RATCLIFF, president and CEO, ABNB FCU, Chesapeake, Va. " We have taken the usual precautions to help prevent a cyberattack: strong firewalls, good encryption and restricting membership data to only those who have a need. Our policies have been structured to react quickly and decisively to a cyberattack. However, I don't think it is possible to say that all is well. You never know where the next attack will come from or what form it will take. - BOB MacGREGOR, President and CEO, Credit Union West, Glendale, Ariz. " THE FEDERAL CREDIT UNION JANUARY-FEBRUARY 2014

Table of Contents for the Digital Edition of The Federal Credit Union January-February 2014

Voices & Opinions
From the Chair
Inside NAFCU
Business Talk
2014 Economic Outlook: Slow Speed Ahead
Waging the War Against Cyberthieves
Meet Rick Metsger
2014 NAFCU Vendor Directory
Getting to Know...
Compliance Central
Inside NAFCU Services
From the President's Desk

The Federal Credit Union January-February 2014