Shell-shocked by Hackers . . .Again

September 29, 2014 at 7:39 am Leave a comment

I’m sorry to start off the week with such downbeat news, but if it makes you feel any better as you’re reading this blog, I am getting poked and prodded by a dentist.
In case you missed it on Friday, the FFEIC, the joint body representing all financial regulators including the NCUA, issued a bulletin warning financial institutions to take steps to guard their computer systems against the “Shell shock” vulnerability. With the caveat that I am not an IT person, regulators and industry professionals are concerned that operating systems including UNIX, Linux, Mac OS 8 X and certain Windows servers are vulnerable to hackers being able to take over your computer system.
Just how big a deal is this? It appears that no one knows for sure yet, but according to the BBC, the bug could impact as many as 500 million machines. If what the experts are saying is correct, a hacker could easily use the vulnerability to compromise your banking operations.
Be sure to read the FFEIC memo, if you haven’t done so already. For those of you with a third-party vendor, make sure to reach out to them and assess your credit union’s vulnerability. Apparently, the bug can be squashed with an easy to install patch.
Since we’re on the subject of cybersecurity, those of you really interested in getting background on the subject should find time to watch a show about the science behind hacking defenses. You don’t need to be a computer genius to find it informative. Trust me.
Good luck and have a good day.

Entry filed under: General, technology. Tags: , , .

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Authored By:

Henry Meier, Esq., General Counsel, New York Credit Union Association.

The views Henry expresses are Henry’s alone and do not necessarily reflect the views of the Association.

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