The National Credit Union Administration (NCUA) is the U.S. government agency that regulates and regularly audits credit unions. In this day of frequent, highly publicized data breaches – even in financial institutions -- ensuring consumer data is safe is an important part of what NCUA does.
As Robin Remines writes at OngoingOperations:
With the escalating trends in cyber-crime, there is little tolerance for not doing all you can to mitigate the risk to your credit union infrastructure. … Cyber-related threats are not “the other guys’” problem – EVERY credit union is at risk and [NCUA] examiners [want] to see evidence that the risk is understood and taken seriously.
The Federal Financial Institutions Examination Council (FFIEC) develops uniform reporting systems for federally supervised financial institutions, including credit unions. The Council helps credit unions prepare for NCUA audits and comply with federal mandates and standards, including those for data security.
Among these are:
According to FFIEC:
Financial institutions should have an effective process to administer access rights. The process should include:
FFIEC also notes:
Financial institutions should employ an encryption strength sufficient to protect information from disclosure until such time as the information's disclosure poses no material threat. ….
Decisions regarding what data to encrypt and at what points to encrypt the data are typically based on the risk of disclosure ….
Encryption may also be used to protect data in storage. The implementation may encrypt a file, a directory, a volume, or a disk.
Since security is primarily based on the encryption keys, effective key management is crucial. Effective key management systems are based on an agreed set of standards, procedures, and secure methods that address Source: ISO 17799, 10.3.5.2
In addition, FFIEC offers guidelines for security monitoring:
Financial institutions should gain assurance of the adequacy of their risk mitigation strategy and implementation by
The Vormetric Data Security Platform
The Vormetric Data Security Platform:
Vormetric’s Data Security Platform provides state of the art user access control.
Vormetric protects the data itself through Vormetric Transparent Encryption with integrated Key Management for data at rest, Application Encryption, Tokenization with Dynamic Masking and more. These techniques make the data meaningless and worthless without the tools to decrypt it.
Finally, Vormetric enables the credit union to monitor and identify extraordinary data access. Vormetric Security Intelligence provides detailed management logs that specify which processes and users have accessed protected data. The detailed management logs specify when users and processes accessed data, under which policies, and if access requests were allowed or denied. The management logs will even expose when a privileged user submits a command like 'switch users' in order to attempt to imitate, and potentially exploit, the credentials of another user. Sharing these logs with a security information and event management (SIEM) platform helps uncover anomalous patterns in processes and user access, which can prompt further investigation. For example, an administrator or process may suddenly access much larger volumes of data than normal, or attempt to do an unauthorized download of files. These events could point to an APT attack or malicious insider activities.
To learn more about Vormetric can help your credit union comply with NCUA regulations and achieve the best data security possible contact Vormetric today.
This paper cuts through the confusion to help you pick the best encryption and tokenization options for your projects.Download >>