NCUA Vice Chairman Kyle S. Hauptman during a meeting of the NCUA Board.
As Prepared for Delivery on October 19, 2023
Thank you, Todd and Ernie, for this informative update. Todd, welcome to the Board table.
There is no question that securing cyberspace is an intimidating challenge. Developing and implementing tailored cybersecurity plans and processes is key to protecting credit union operations. This task requires vigilance at all levels of the credit union. Everyone, including credit union board members, has a role in this battle.
Today’s cybersecurity update was helpful and heartening. During our last update, I congratulated the Office of Examination and Insurance for the official deployment of the Information Security Examination (ISE) program for our examiners. ISE is a risk-focused approach intended to tailor examinations to the size and complexity of the credit union. We have now had almost nine months of experience with ISE, and the data is paying off.
The information gathered from the ISE program provides a clearer picture of the state of credit union cybersecurity readiness. There is good news in this update, and I am encouraged by the level of preparedness examiners are finding in all sizes of credit unions. Today’s update also outlines additional simple yet significant recommendations to enhance credit union cybersecurity preparedness.
I am sure many of you have heard that "the secret to success is no secret." It is the consistent application of the basics. In the words of Vince Lombardi, "it is blocking and tackling." Considering today’s presentation, blocking and tackling means strong passwords, staff training, board involvement, and managing risks with third-party providers.
There is nothing difficult about any of these suggestions other than they require continuous focus and execution. Just like with Vince Lombardi coaching football, proficiency only comes with repeated practice and improvement.
As a reminder, the NCUA and the FTC are offering a joint webinar, Protect Your Credit and Identity with Cybersecurity Awareness, on October 26. This hour-long webinar will begin at 1 p.m. Eastern, and registration is open now. There is no registration fee. Credit unions and consumers are welcome to attend.
Finally, I urge credit unions to check out NCUA’s Cybersecurity Resources webpage for more information.
Thank you, Mr. Chairman, that concludes my remarks. I do have a couple of questions.