The term DDoS has been a buzzword in the news lately, including the credit union industry. DDoS – short for Distributed Denial-of-service – is a method used by hackers to bring down a site, usually by inundating the targeted Web server with traffic so that it crashes.
According to CUNA, 12 credit unions were among more than 133 financial institutions and nine government agencies, including the FBI and the White House, listed as targets on Pastebin by the hacker group OpUSA. The group had indicated that the cyber campaign would launch "on or about May 7." To date, none of these credit unions have experienced a slowdown.
Credit unions need to be aware of these attacks and use the appropriate resources to identify and circumvent any associated risks. This should include ensuring sufficient staffing throughout the DDoS attacks along with third-party servicers that can help manage the Internet-based traffic flow. Credit unions should also conduct due diligence reviews of their service providers so they can take the necessary steps to identify and mitigate the risks stemming from potential DDoS attacks.
Credit union clients that have been affected by the DDoS should report this information to law enforcement authorities, their supervisory office and the CU Solutions Group’s Tim Bohlman, senior vice president of Technology Solutions at (800) 262-6285, ext. 260, or at Tim.Bohlman@cusolutionsgroup.com.