Ransomware returns; FinCEN innovation hours

Recently we blogged about various compliance considerations for credit unions dealing with ransomware. That blog published mere days after a major oil pipeline serving the Eastern United States was crippled by a ransomware attack, causing gas shortages and price surges on the east coast. In the wake of that attack and others around the globe, the White House issued a memo last week discussing the threat of ransomware and making recommendations for businesses and organizations to become better-prepared for a potential ransomware attack.

The memo states that the President has made “strengthening our nation’s resilience from cyberattacks” a top priority. After discussing the recent increase in ransomware attacks and the fact that “no company is safe,” the memo suggests that businesses “immediately convene their leadership teams” to review the ransomware threat and the organization’s security posture and business continuity plans. The financial services sector is not immune from the threat of ransomware – credit unions may want to consider reviewing their own cybersecurity measures and business continuity plans.

The memo then provides a list of best practices the private sector can use to reduce risk, including:

 

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