In Wake of Equifax Breach, Cybersecurity Collaboration a Must for CUs

LAS VEGAS -- Cybersecurity is always a chief concern for many credit union executives, but with news of the Equifax hack having hit just days before this year’s American Credit Union Mortgage Association conference here, the subject was even more topical than usual.

A panel discussion on mortgage banking cybersecurity risks touched on many issues of the day, and it included a reminder that regulators are watching.

Tim Segerson, deputy director, Office of Examination and Insurance for NCUA, led off the panel discussion risks by stating, “Consumer privacy and security is the responsibility of the entire organization. There needs to be a culture of security throughout the organization.”

Todd Hougaard, product manager with Mortgage Cadence, agreed, saying, “The IT department can only go so far. Everyone says they follow procedures, but if you question them closely they will acknowledge making exceptions.”

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