Today, we are pleased to announce that NAFCU Services has selected Bitsight as a Preferred Partner, giving its member credit unions access to Bitsight Security Ratings. The partnership is very timely: credit unions have been increasingly targeted with cyber attacks. A recent survey found that 84.4% of credit unions were impacted by a data breach in the last two years.
These organizations also have to ensure that the third parties they work with are secure. According to Debbie Martz, the head regulator of the National Credit Union Association (NCUA), “Five (information technology) vendors serve over 50 percent of all credit unions, so there is tremendous inter-relationship and the possibility of contagion”. Thus, a security incident stemming from one key vendor could impact many credit unions and put billions of dollars at risk.
Credit unions play an important role in the American economy, and evolving cyber threats pose a great danger to these institutions and their millions of customers. We are happy to be a part of NAFCU Services’ plan to better equip credit unions to mitigate cyber risk!