Digital Signature Blog

Subscribe
Entries related to: credit-unions

Two Best Practices for a Healthy Credit Union Board

Oftentimes a person’s greatest weakness is an extension of their greatest strength. Apply that idea to credit union boards, and you might find that directors’ deep commitment to serving members’ financial needs can make it hard for them to leave the job — even when, ultimately, that might be the best thing for the credit union. That’s not to say that board turnover simply for turnover’s sake is a good thing. In fact, a 2012 report sponsored by CUES found that 81% of directors and 75% of CEOs reported satisfaction with the level of turnover on their boards. 
Read More

Experts: Brace for More Healthcare Data Breaches in 2015

Healthcare data breaches are on the rise, and they’re not likely to slow down anytime soon. Experts say the change to electronic health records (EHRs) hasn’t come with enough defenses to protect patient data. Last year, there were 322 breaches of healthcare information, and more than 8 million patient records were compromised, according to the Identity Theft Resource Center. Experts say lax security measures and the appeal of patient information have led hackers to target health data.
Read More

Obama: Hacks Show Need for Cybersecurity Law

This week, President Barack Obama announced that he will push for cybersecurity legislation following the recent cyber attacks against Sony and the Pentagon’s Central Command. The White House plans to revive existing cybersecurity legislation that has been stalled for several years. “Now, our first order of business is making sure that we do everything to harden sites and prevent those kinds of attacks from taking place,” President Obama said. “But even as we get better, the hackers are going to get better, too. Some of them are going to be state actors; some of them are going to be non-state actors. All of them are going to be sophisticated, and many of them can do some damage.”
Read More

Missing 2-Factor Authentication to Blame for JPMorgan Hack

Recent information shows that a simple security fix—two-factor authentication—could have prevented the largest hack of an American bank to date. JPMorgan Chase suffered a data breach last summer, and recent information gives us insights into how the hack took place. The New York Times reported that missing two-factor authentication was responsible for the breach. When the hack was uncovered in August, many experts believed that hackers used a sophisticated attack to break into JPMorgan’s network. But the hack’s source was much more simple—a hacker stole a single JPMorgan employee’s credentials.
Read More

After NCUA Data Breach, NAFCU Says Encryption Isn’t The Answer

The NCUA is looking for ways to protect credit union member information after an examiner lost a flash drive with members’ personal information last month. The data breach compromised the names, addresses, Social Security numbers and account numbers of the $13 million Palm Springs Federal Credit Union—a breach estimated to cost up to $20,000.  Earlier this week, the NCUA was considering a rule that would require credit unions to encrypt data given to examiners. But NAFCU says the NCUA should look to fix the problem internally instead of imposing a new rule, according to Director of Regulatory Affairs Alicia Nealon.
Read More

What is Member Data Telling You? A Guide to Data Visualization

There is a vast amount of information available to credit unions about their members. The challenge is that it might not be in one place, plus you need to know what you’re looking for. If you are just using generic reporting tools, you’re probably missing key data.  “Good use of data can increase member satisfaction and help credit unions reach their marketing goals,” says Dean Nolan, vice president of products and marketing at Saylent Technologies said in a recent Credit Union Magazine article. 
Read More

Morgan Stanley Fires Financial Advisor After Data Breach

Last week, Morgan Stanley fired one of its financial advisors after accusing him of stealing the account information of 350,000 clients and posting the information for sale on the Internet. The Wall Street Journal calls the incident, “potentially the largest data theft at a wealth-management firm.” The bank discovered the breach on December 27 after finding data from 900 client accounts posted on a website with a reputation of trafficking in personal information. Morgan Stanley fired Galen Marsh the suspected advisor, who worked at a Manhattan branch of the bank, according to the Wall Street Journal.
Read More

Top 5 Data Breaches of 2014

As we wrap up 2014 and look ahead to the New Year, it’s important to reflect on the data security lessons we learned in the past 12 months. Hundreds of millions of records were stolen this year as a result of faulty security. Here are the top five stories of the year. iCloud Photos Leaked In September, some very private photos of Hollywood celebrities were leaked after an iCloud data breach. A hacking group wrote a program that guessed username and password combinations for iCloud services. At the time, iCloud wasn’t limiting the number of guesses, so hackers had many chances to guess the right combination without being locked out.  This hack highlighted the need for two-factor authentication on iCloud accounts, specifically SMS authentication. Read this article to learn more about two-factor authentication.  “Once this is enabled a user would receive a four digit SMS message with a code to input in addition to their password,” Lewis said in another Forbes article. “This way, if a password is compromised the attacker would still need an SMS code to gain access to the user account.” 
Read More

4 Key Elements of a Website Review for Credit Union Compliance

In recent years, regulatory requirements such as the Bank Secrecy Act and FACTA Identity Theft Red Flags have diverted our attention away from many other basic, and equally important, directives and regulations. In particular, the need to perform a periodic website compliance review has crept up on many institutions who—in many cases—have failed to schedule the review and were notified during a recent credit union audit.
Read More

A Foolproof Plan for a Painless Credit Union Audit

When you are going through your annual audit, do you ever feel stressed out? If you just answered yes, you are in the majority. I remember when I worked for another company as the manager that oversaw all the daily paperwork. As I went through my own audits, I would be a worried mess wondering, “Do I have all the information the auditors will need? I wonder what they will ask for. Will they ask me questions? Oh my, what if they ask me questions?” 
Read More