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CYBER-ATTACK WARNINGS HEIGHTENED
updated 04/30/13 10:07 AM
California CU Shares Perspective
Some credit unions within the industry—especially the larger ones—are preparing for what information-technology leaders are predicting might happen on May 7: A widespread cyber-attack that could knock out several credit unions' internet and mobile service to members.

Warnings about that specific date regarding possible cyber-attacks, known as Distribute Denial of Service (DDoS) attacks, have been issued by the Credit Union National Association (CUNA). The attacks are aimed at disrupting or suspending online service by saturating a target's network with external communication requests to overload its server.

One California credit union has already experienced such an attack. Patelco CU suffered its own DDoS incident in January and February, where the credit union's members couldn't gain access online to their accounts on two separate occasions.

Patelco learned it was one of the first credit unions among several financial institutions nationwide to become a target of DDoS attacks originating from somewhere in Iran, as evidenced by news reports at the time. No loss of data or theft occurred in either attack, and mobile services were unaffected. Still, the credit union takes the threat extremely seriously.

The hackers “may be looking for other vulnerabilities within the credit union,” said Anthony Vitale during an interview with CU Weekly earlier this year when he held the position of vice president of information technology for Patelco. He has since transitioned to an outside opportunity. “This requires a credit union to take an honest internal look at where there may be vulnerabilities. The bar truly has been raised with these attacks.”

Federal officials reportedly expect the wave of DDoS attacks to continue.

If a credit union is subject to an attack, it will notice a large spike in Internet traffic to its website from one or more IP addresses, and the website will become unresponsive. Proactive measures a credit union can take include:

  • Alerting its network team to actively monitor in-bound Internet traffic that day. The team should be prepared to block traffic from specific IP addresses in an effort to maintain their website's ability to respond to normal business requests.
  • Consider alerting members about the Internet threat for May 7 and asking members to execute critical online banking business on a different day or come into the credit union office.
  • Educating call center staff on the symptoms of a denial of service attack so they can better serve the members and notify their network teams if an attack is underway. The call center staff should be prepared with alternatives to serve the members.

 
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SAN MATEO CU CEO TO RETIRE updated 08/29/14 04:49 PM
Barry Jolette Served 27 Years
San Mateo CU board of directors announced its CEO Barry Jolette will retire after 27 years of service. He has demonstrated a close dedication to the credit union movement through his various leadership roles on local, national, and international levels. He served as the California Credit Union League Chairman in 1996; and in 1997, he was elected to the Credit Union National Association board of directors and named its chair in 2001 (until 2003)..

NCUF RELEASES ANNUAL REPORT updated 08/29/14 02:44 PM
Activities From Last 12 Months
The National Credit Union Foundation (NCUF) released its 2013-2014 Annual Report, entitled “Improving People’s Financial Lives through Credit Unions.” The report highlights the organization's program and grant activities during the past 12 months.

WEEKLY E-FILING BILL SIGNED INTO LAW updated 08/28/14 02:18 PM
Will Streamline Reports for CUs
California Gov. Jerry Brown has signed Assembly Bill 2298, legislation that will allow financial institutions which hold local agency deposits to submit their weekly reports to the California Department of Business Oversight (DBO) electronically rather than through U.S. mail.

RMJ GOLF TOURNAMENT RAISES 41k updated 08/27/14 12:56 PM
Event Attracts Nearly 100 Players
The Richard Myles Johnson Foundation/CUNA Mutual Golf Tournament, held Aug. 18 at the Newport Beach Country Club in Newport Beach, CA, raised $41,000 for the state foundation for credit unions in California and Nevada.