Dec. 6^th – In the wake of a ransomware attack, nearly 60 credit unions across the U.S. are contending with breach fallout.

Credit union disruptions

The National Credit Union Administration is in communication with affected entities, and an investigation is ongoing.

Among the organizations significantly impacted by ransomware-related outages is New York-based Mountain Valley Federal Credit Union, although member data was not affected by the intrusion.

Member deposits at affected federally insured credit unions are insured by the National Credit Union Share Insurance Fund for up to $250,000.

Downstream effects

This cyber event is having larger, down-stream effects on other enterprises and technology providers, including one that offers processing solutions to credit unions. Experts have been working around the clock to recover systems.

Increase in threats

In August, the National Credit Union Association described an increase in cyber threats targeting credit unions, credit union service organizations (CUSOs), and other third-parties involved in supplying financial services and tools.

Earlier this year, multiple credit unions were affected by the MOVEit file transfer cyber attack. Credit unions in the U.S. have 72 hours to report breaches to authorities.