Ransomware Impacting Credit Unions in the News

A ransomware attack, impacting over 60 credit unions nationwide, was reported in several national news outlets. The attack is isolated to clients of Trellance-owned company, Ongoing Operations, who provides IT services to credit unions. At this point, we are not aware that any Minnesota credit unions were impacted.

​Credit union members may have questions or concerns about their own account safety and security when these news situations may arise. Below are several talking points that can be used when responding to these concerns.

• Credit unions are required by regulation to have up-to-date data security policies and procedures in place to respond swiftly to critical situations like this.

• The safety and security of our credit union is a critical issue. While credit unions do not share the same technology platforms, we do share best practices around disaster recovery, data security and risk management. However, like any business today, there continue to be risks and we aggressively work to manage to them.
• Member deposits are insured by the National Credit Union Share Insurance Fund (NCUSIF) up to $250,000, which is backed by the full faith and credit of the United States government. NCUSIF is similar to deposit insurance coverage provided by the FDIC. Your accounts are safe and secure.

Please reach out to MnCUN’s communication team if you have questions, need additional resources for member inquiries, or receive outreach from the media. MnCUN just recently announced a new partnership with Optimize Cyber, a cyber risk management company. For more information about this solution for your credit union, please reach out to John Ferstl.