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Social media is seen as an important part of many modern business plans, including those of banks and credit unions. Social media sites enable virtual communities allowing business owners to deepen business relationships, attract new clients, and monitor what community members say about the business. According to a survey conducted by the American Bankers Association in 2019, 84% of survey participants stated they "agree" or "strongly agree" with the statement "social media is important to my bank."

NOTE: This article may contain outdated information. See the updated article for details: Updated Ransomware Self-Assessment Tool (R-SAT 2.0).

Recently, we received a question from one of our Tandem Vendor Management software users.

STOP! READ THIS FIRST!

This article contains outdated information regarding what to expect in future exams. Please refer to our new article How InTREx-CU Will Affect Your 2022 NCUA Exam.

In July 2020, the National Credit Union Administration (NCUA) published their updated 2020 Supervisory Priorities. In the "Information Systems and Assurance (Cybersecurity)" section, the NCUA stated:

If you have ever worked to develop, review, or test a Business Continuity or Disaster Recovery Plan (BCP or DRP), you may be familiar with the terms Recovery Point Objective (RPO), Recovery Time Objective (RTO), and Maximum Tolerable Downtime (MTD). But what do these terms mean, how are they different, and why are they important? Let's take a look.

Yes, I was able to check the box on my audit that asked if we have a Business Continuity Plan (BCP). I was even able to say it was approved by our Board within the past 12 months. My compliance checklist is clean, but how do I know if the plan will really help during a disaster?

There have been several health pandemic breakouts in recent history. Some of the more notable ones include the SARS outbreak which made world news in 2002, the Ebola outbreak of 2019, and more recently, the coronavirus, also known as COVID-19, which is making world news in 2020. When outbreaks like these occur, banks, credit unions, and other critical consumer service businesses should ensure their biological pandemic plans are reviewed, updated, and tested. In this article, we will walk through four questions to ask as you evaluate and update your pandemic plan.

The overall success of an organization can be linked closely to the security, stability, and quality of their third parties. Therefore, vendor management is a critical part of an organization's business strategy and many companies are turning to third-party risk management software to help evaluate, monitor, and manage their vendors.

At the ninth National Credit Union Administration (NCUA) open Board meeting for 2019, the Office of Examination and Insurance and the special advisor to the Chairman for cybersecurity briefed the Board on cybersecurity challenges and opportunities.

This month, the National Credit Union Administration (NCUA) issued a Risk Alert (19-RISK-01) describing the increasing frequency of and losses related to business email compromise fraud schemes. This is the first Risk Alert issued by the NCUA in six years.