PRESS RELEASE

June 30, 2015

CONTACT: Patrick Keefe, NASCUS Communications/703-528-5974, pkeefe@nascus.org

NASCUS PRESIDENT AND CEO LUCY ITO
ON RELEASE OF PROPOSED CYBERSECURITY ASSESSMENT TOOL

Expect NCUA and states will incorporate this assessment tool into exam processes


The Federal Financial Institutions Examination Council (Exam Council) today released its proposed Cybersecurity Assessment Tool, designed to help credit unions and other financial institutions identify their risks and assess their cybersecurity preparedness. NASCUS President and CEO Lucy Ito released the following comment:

“This is a major undertaking by the Exam Council that state credit unions and regulators will be interested in reviewing very closely. We fully expect that state regulators and NCUA will incorporate this assessment tool -- or a variant of the tool customized for credit unions--into their exam processes. NASCUS will work closely with state regulators and NCUA to help walk credit unions through the new tool. We want to ensure that the industry is equipped to face the challenges of cyber-preparedness and that supervisory expectations as they relate to cybersecurity moving forward are clear for everyone. In fact, at the upcoming NASCUS/CUNA Cybersecurity Symposium Aug. 23-24 in Denver, NCUA’s Tim Segerson is scheduled to present a two-hour session on this assessment tool alone.”

 

Information Contact:
Patrick Keefe, Director of Communications, pkeefe@nascus.org or (703) 528-5974

The National Association of State Credit Union Supervisors (NASCUS) is the primary resource and voice of the state governmental agencies that charter, regulate and examine the nation’s state-chartered credit unions. NASCUS membership is made up of state-chartered credit unions, state regulators and other supporters of the state credit union system. NASCUS is the only organization dedicated to the defense and promotion of the state credit union charter and the autonomy of state credit union regulatory agencies.