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TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Cheney Report Comments On CU DDoS Vigilance
WASHINGTON (5/13/13)--While last week's threatened Distributed Denial of Service (DDoS) cyberattacks did not pan out as anticipated, Credit Union National Association President/CEO Bill Cheney in this week's edition of The Cheney Report said CUNA strongly believes that "maintaining the trust of members in the security of their credit unions is worth the effort of advising credit unions of risks to them and their members."

DDoS attacks are attempts to disrupt or suspend online service by saturating a target's network with external communication requests to overload its server. One dozen credit unions were among the 133 financial institutions and government agencies on a hackers' hit list. The hacker group, OpUSA, indicated that a cyber campaign would be launched "on or about May 7." CUNA warned credit unions of the potential for attacks in late April.

Some websites overseas were temporarily defaced by the hackers, but the 133 U.S. credit unions and banks on the OpUSA target list were unaffected. (Use resource link for May 9 News Now coverage: Websites Defaced, But No Action So Far Vs. U.S. CUs.)

"There were little, if any, widespread attacks on credit unions. We had acknowledged from the beginning that there certainly was the possibility that no threat would, in fact, materialize...And, if our cautions to credit unions played any role in diminishing a threat, so much the better," Cheney wrote in this week's report.

This week's Cheney Report also includes:

  • A tax reform update;
  • News on Fannie Mae and Freddie Mac profits;
  • Details on the CFPB's decision to delay the effective date of its credit insurance rule; and
  • A preview of this week's NCUA board meeting.
Each Friday, The Cheney Report delivers Cheney's insights on three to four key events and policy developments affecting credit unions into the e-mail inboxes of credit union CEOs. The report also provides a valuable window into CUNA's actions on behalf of member credit unions and reinforces the value of CUNA membership.

To sign up for The Cheney Report, click the resource link below and use the "subscribe" tab on the right of the page.

Past issues of The Cheney Report are also archived on cuna.org.
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