NCUA Board briefed on cybersecurity and CLF

by NAFCU Newsroom

The NCUA Board met Thursday to receive two briefings, one on cybersecurity and another on the Central Liquidity Facility (CLF). In addition, the board unanimously approved the NCUA Risk Appetite Statement, which outlines the variety of risks related to the agency’s objectives, strategies, operations, reputation, and environment.

In addition, the Risk Appetite Statement articulates the agency’s risk appetite level for several risk categories as established by the NCUA’s Enterprise Risk Management Council.

Regarding cybersecurity, NCUA staff briefed the board on the cybersecurity threat landscape, including the risks posed by ongoing geopolitical issues, specific threats from ransomware and cloud migration, evolving distributed denial of service attacks, and cryptocurrency and decentralized finance risks.

Staff and NCUA Board Members also discussed the recent proposed rule on cyber incident reporting, which NAFCU generally supported but offered several recommendations to reduce administrative reporting burdens and uncertainty for credit unions.

 

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