The Maine Bureau of Financial Services recently provided state-charted credit unions with a ransomware self-assessment tool (R-SAT) to help mitigate the risk of a cybersecurity attack. Federally-charted credit unions also should consider using the R-SAT tool to determine their institutions’ preparedness towards identifying, protecting, detecting, responding, and recovering from a ransomware attack. Ransomware can cause significant damage and disruption when it infiltrates a network and is one of the most visible cyber threats facing the financial services industry today.
The R-SAT, developed by the Bankers Electronic Crimes Taskforce, State Bank Regulators, and the United States Secret Service, contains 16 questions and can be downloaded here. Accurate and timely completion of the assessment, as well as periodic reassessments, will provide credit unions with a greater understanding of their institution’s ransomware preparedness—including areas where improvements can and should be made.