Newsroom

During a NAFCU webcast Thursday, Citadel Federal Credit Union Chief Risk Officer Mitchell Klein discussed how best to prepare for NCUA cybersecurity exams and how cybersecurity challenges have changed.

Klein noted that cybersecurity threats are constantly evolving, which means financial institutions must keep updating their risk management processes. While establishing a firewall was sufficient a few years ago, he said, cybersecurity threats require more vigilance now.

"With all the data breaches that are going on, people are terrified that their personal information is going to be let out of the credit union," Klein said. "Your reputation is at stake."

Klein emphasized that NCUA began hiring cybersecurity experts to conduct audits last year and that their audits have become more sophisticated as hacking threats have evolved. He also noted the importance of board involvement in developing credit unions' cybersecurity plans.