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This past week, your League received confirmation that the National Credit Union Administration (NCUA) will be presenting a one-hour session on its new Cybersecurity Assessment Tool at this year's Management Roundtable. The new tool will be incorporated into the examination process for all federally-insured financial institutions in 2016. The NCUA session takes place on the second day of the Roundtable, Wednesday, September 23, from 11 a.m. - Noon.
NCUA developed this Cybersecurity Assessment Tool in partnership with the other Financial Institutions Examination Council (FFIEC) agencies, which are doing similar sessions for their financial insitutions. The scalable tool is designed for financial institutions of all sizes and levels of sophistication to evaluate whether their cybersecurity preparedness is aligned with their risk. The intent is to determine risk management practices and controls that are needed to secure each institution's cyber infrastructure.
"Cybersecurity is one of the most significant issues facing not only credit unions but the entire financial services sector. Your League is pleased that we were able to work with the NCUA to schedule this session at one of our largest gatherings of senior credit union officials," remarked your League's President John Murphy.
NCUA Board Chair, Debbie Matz, told your League, "Cyber-attacks from hostile nations are among the most serious issues facing U.S. government agencies and financial institutions. Credit unions of all sizes are facing constantly evolving attacks from cyber-hackers and cyber-terrorists who want to steal money, steal personal information, and worse, shut down the entire U.S. financial institution. We appreciate the League's assistance in allowing NCUA to present the tool to credit union leaders."
In addition to learning about this tool, NCUA will also be seeking feedback from attendees on the tool's usability, scalability, completeness and practicality.
The NCUA Cybersecurity Assessment Tool session is only one piece of the two-day Management Roundtable program. The Roundtable begins on Tuesday, September 22, with a Roundtable Discussion featuring your League's President John Murphy, and a session by former NCUA Board Chair Dennis Dollar on regulations, growth and other challenges and opportunities facing credit unions. The updated program on Wednesday, September 23, now includes Lee Wetherington with a session on the Branch of the Future; a Panel of Maine CU CEOs discussing current topics and best practices; the NCUA Cybersecurity Assessment Tool session; and a closing session with the dynamic and innovative Patrick Adams.
Join the nearly 100 attendees that are already registered to attend the Roundtable by registering now. To register, click here; email Susan Erlandson; or call your League's Member Services at 800.442.6715.
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