The National Credit Union Administration (NCUA) released its annual Cybersecurity and Credit Union System Resilience Report today. The report provides an overview of the current cybersecurity threat landscape, highlights key cybersecurity initiatives, and details ongoing efforts to enhance cybersecurity preparedness and resilience within the credit union industry.
"In the face of an ever-evolving cybersecurity threat landscape, the need for ongoing vigilance in the credit union sector cannot be overstated," NCUA Chairman Todd M. Harper said. "The NCUA is committed to ensuring consistency, transparency, and accountability in its cybersecurity examination program and related activities. Further, over the last several years the NCUA has made major strides in promoting a culture of cybersecurity awareness and resilience among credit unions."
The report is mandated by the Consolidated Appropriations Act, 2021, and includes information on:
- NCUA policies and procedures to address cybersecurity risks.
- Cybersecurity resilience within the credit union system.
- Current and emerging threats.
- NCUA’s collaboration with other federal agencies, industry stakeholders, and cybersecurity experts.
For 2024, the NCUA remains focused on strengthening cybersecurity resilience through targeted examinations, comprehensive risk assessments, and educational outreach initiatives. Additionally, the agency will continue to request that Congress grant it authority to supervise and examine third-party service providers. Chairman Harper stated that "this sensible statutory change would significantly improve supervisory oversight and bolster our ability to mitigate cybersecurity risks, ultimately enhancing the credit union system’s overall security posture and protecting critical infrastructure in the United States more broadly."
The NCUA is an independent federal agency created by Congress to regulate, charter, and supervise federal credit unions. It operates with full backing from the U.S. government through managing the National Credit Union Share Insurance Fund which insures deposits for over 135 million account holders across all federal credit unions as well as most state-chartered ones. The agency also focuses on consumer protection and financial literacy education.
For media inquiries:
Joe Adamoli
JAdamoli@ncua.gov
703.518.6572