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Welcome Cybersecurity Month With Policy Reviews, NCUA Says
ALEXANDRIA, Va. (10/1/13)--Cybersecurity Awareness Month, which begins today, "is an ideal time for credit unions to review their information systems policies, practices and procedures," National Credit Union Administration Chairman Debbie Matz said Monday.

"We live in a world where individuals increasingly buy their groceries, book their trips and manage their credit union accounts online. As a result, the threat of identity theft and cybercrime continues to grow," Matz added. She urged credit unions to proactively put in place effective controls to protect against these cyber threats, and to "make cybersecurity an important part of their financial literacy efforts in October and all year long."

Cybersecurity Awareness Month is a national initiative sponsored by Department of Homeland Security, in cooperation with the National Cyber Security Alliance and the Multi-State Information Sharing and Analysis Center that raises awareness and educates Americans about cybersecurity, and increases the resiliency of the nation and its cyber infrastructure.

The agency in a release highlighted its consumer website MyCreditUnion.gov and financial literacy microsite Pocket Cents as two resources for credit unions looking to increase cybersecurity awareness among their members. Other methods will be highlighted on the agency's Facebook and Twitter feeds, as well as the October edition of the NCUA Report.

For more on Cybersecurity Awareness Month, use the resource link.

The Federal Bureau of Investigations' Internet Crime Complaint Center received 289,874 consumer complaints of internet fraud and other cybercrimes in 2012, and these crimes resulted in $525 million in losses, according to the agency.

The Credit Union National Association continues to be engaged on cybersecurity issues, by working with the credit union system, FSSCC, regulators, BITS, and other entities. CUNA is also monitoring developments with the National Institute of Standards and Technology (NIST) framework.

On July 1, NIST released a discussion draft outline on a "Framework to Reduce Cyber Risks to Critical Infrastructure." NIST plans to issue a proposed cyber framework this October for notice and comment, and to finalize the framework by February. (See Aug. 6 News Now story: CUNA Takes CU Cybersecurity Concerns To Treasury.)

CUNA has repeatedly emphasized that credit unions are already subject to robust data security requirements and standards, and should not be subject to additional regulations.

Additional coordination on cybersecurity would be helpful, CUNA has said.
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