NCUA field staff will be evaluating credit unions' capacity to recover and resume operations in the event a security breach does occur.
Baton Rouge, LA (PRWEB) March 03, 2015
TraceSecurity, a pioneer in cloud-based IT Governance, Risk and Compliance (GRC) management solutions, today announced that through a combination of incident response policies and its cloud-based software solution, TraceCSO, credit unions can now implement an incident response plan in accordance with the NCUA guidance and letter dated January 2015 (15-CU-01).
The letter states, “Credit unions, like all financial institutions, remain vulnerable to internal and external cybersecurity threats. Last year’s interagency cybersecurity assessment conducted through the Federal Financial Institutions Examination Council (FFIEC) found that many credit unions are not taking basic cybersecurity actions. In 2015, the NCUA will redouble efforts to ensure that the credit union system is prepared for a range of cybersecurity threats.” The letter continued, “Field staff will be evaluating credit unions’ capacity to recover and resume operations in the event a security breach does occur.”
In response to this letter, TraceCSO was enhanced to include additional incident response capabilities that will better equip credit unions to deal with cybersecurity attacks and pass 2015 NCUA exams. With TraceCSO's incident response capabilities, credit unions can create an incident response policy as well as leverage pre-built workflow, forms and testing capabilities that allow the institution to prove they have the capacity to recover in the event that a cyber-breach should occur. Leveraging TraceCSO’s enhanced NCUA-specific incident response capabilities, credit unions will be able to meet NCUA guidelines automatically and provide thorough documentation and reporting for an audit.
TraceSecurity will present a complimentary and educational webinar on Tuesday, Mar. 17 at 1pm CST that explores the intention of the NCUA guidance for cybersecurity. Attendees will learn how an incident response program helps credit unions effectively react to a data breach. During this webinar, credit unions will learn why incident response is one of the most overlooked areas of information security and explore how TraceCSO delivers a best-practice workflow for response to a breach of member information – from notification and containment, investigation and mitigation, through testing and reporting for auditors. Click here to register.
To learn more today:
TraceSecurity, a leading pioneer in cloud-based security solutions, provides IT Governance, Risk and Compliance (GRC) management solutions. The company’s cloud-based services help organizations achieve, maintain and demonstrate security compliance while significantly improving their security posture. Having served more than 2,000 customers, TraceSecurity supports the security and risk management efforts of organizations in financial services, healthcare, high-tech, insurance, government, education and other regulated sectors. Founded in 2004, the company has executive offices in Silicon Valley and offices in Baton Rouge, La. For more information, call (225) 612-2121 or visit http://www.tracesecurity.com.