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NCUA Issues Guidance on Cyber Reporting Rule

NCUA’s Cybersecurity and Industry System Resilience Report

The National Credit Union Administration (NCUA) has released the following analysis: Report to the Committee on Financial Services of the House of Representatives and to the Committee on Banking, Housing, and Urban Affairs of the Senate on Cybersecurity and Credit Union System Resilience.

The report provides an explanation of the measures taken to strengthen cybersecurity within the federally insured credit union system and NCUA.

The Cybersecurity & Credit Union Resilience Report is required by the Consolidated Appropriations Act, 2021 and provides:

  • Information on the policies and procedures to address cybersecurity risks.
  • Activities to ensure effective implementation.
  • Current or emerging threats.

For 2023, NCUA will continue to promote cybersecurity best practices in credit unions, and reviews of credit union information systems and assurance programs remain a supervisory priority for the agency.

Building upon its industry outreach efforts, the NCUA will continue to provide guidance and resources to assist credit unions with strengthening their cyber defenses throughout the year.

The agency is also funding cybersecurity grants as part of its 2023 grant initiative, which closes June 30.

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