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Working in cybersecurity can be exhausting. Not only must Information Security Officers (ISOs) be well-versed in the ever-changing world of technology, but they must also be experts in security, compliance, communication, and the business itself. As a bonus, they get to do all of this while playing from behind the 8-ball, as malicious actors continually try to steal their thunder.
On January 18, 2022, the Department of Homeland Security's Cybersecurity & Infrastructure Security Agency (CISA) released a new "Insights" memo with a title that is a direct call to action: Implement Cybersecurity Measures Now to Protect Against Potential Critical Threats.
In a world increasingly affected by cyber-attacks (e.g., account takeover, compromised credentials, ransomware, etc.), multifactor authentication (MFA) is considered a strong technical control, although it is not without its challenges. In this article, we will discuss answers to the following questions:
In January 2021, we asked a group of 175 financial institution cybersecurity professionals if their organization had a formal incident tracking system.
At Tandem, we occasionally receive questions from our clients on the topic of an "IT audit risk assessment," most often in reference to an examination request list item. Where did this concept come from, what exactly is it, and how would you begin to conduct one? Let's find out.
In January 2021, the National Credit Union Administration (NCUA) published their 2021 Supervisory Priorities which stated, "The agency has reprioritized away from performing facilitated Automated Cybersecurity Evaluation Toolbox cybersecurity maturity assessments, to piloting the Information Technology Risk Examination for Credit Unions (InTREx-CU). […] ACET will become a self-assessment resource for credit unions, supported by the NCUA."
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:
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.
If you are a credit union, you should expect to see the ACET during your next IT examination. The NCUA began piloting this new examination tool in 2018 with larger credit unions, but we anticipate it will be used in most credit union examinations in 2019. As you prepare for the ACET, here is a list of frequently asked questions for you to review.