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Randy Romes of Clifton, Larson & Allen LLP discussed the latest cyber-fraud trends and how credit unions can apply findings of the Federal Financial Institutions Examination Council's cybersecurity assessment to their own risk management programs during NAFCU's webcast Wednesday.

Romes highlighted the three largest cyber-fraud trends that are happening online now - organized crime; corporate account takeover, or CATO; and ransomware. He also discussed the latest cybersecurity risks posed by hackers targeting members and member businesses.

The webcast focused on FFIEC findings from a cybersecurity preparedness assessment last year of more than 500 financial institutions. That assessment indicated many of the institutions were at risk for new cyber threats.

FFIEC created a set of recommended best practices for addressing cybersecurity risk, including inherent risk, which FFIEC defines as "the amount of risk posed by a financial institution's activities and connections, notwithstanding risk-mitigating controls in place." Romes discussed the recommendations and how credit unions can apply them to their operations.

NAFCU's on-demand webcasts are available for up to 12 months after the live broadcast through the association's Online Training Center and are included in the registration price.