ARLINGTON, Va. (11/13/14)--The degree of interconnectivity and interdependency of information and payments systems mean that cyberattacks will only increase in volume, says Julia Philipp, deputy director for cyberintelligence in the Treasury's Office of Critical Infrastructure Protection and Compliance Policy.
Philipp spoke at the Credit Union Cybersecurity Symposium in Arlington, Va. Thursday, an event hosted by the National Association of State Credit Union Supervisors in partnership with the Credit Union National Association.
"When you consider the vast electronic interconnectivity within our financial systems, a significant cyber incident impacting your organization could lead to a major impact on the U.S. economy," she said. "The challenge isn't just that malicious cyberactors are getting more sophisticated, it's that they need to just need to compromise one vulnerability in one system to gain access to one network.
"That one vulnerability doesn't even have to be in your system, it could be in your vendors' systems, or even in the home computer you use to remotely access your office," Philipp added.
Phillip referred to the National Institute of Standards and Technology's Cybersecurity Framework, which was released in February of this year.
The framework calls for financial organizations to:
Philipp added that all credit unions should look to reach out to the proper authorities before a cyberattack, to ensure that the proper procedures can be implemented.
"I would recommend all credit unions identity a point of contact at the nearest FBI field office. There are 56 field offices--each of which have cyber task forces across the country," she said. "It's a good idea to get to know who the person is you'll call in the event of a breach."