Regulator Finds Rise In Cyber-Lapses At Credit Unions
Law360, London (September 10, 2020, 2:27 PM BST) -- The Prudential Regulation Authority has urged credit unions to ensure that their systems are resilient after it identified a rise in cyberbreaches and other lapses in its assessment of the sector.
The watchdog found that there has been an increase in the number of "operational and cyber-incidents" at credit unions and said they should consider how their services could be disrupted. Companies in the sector should also consider how they can adapt to ensure that vital services can continue to run during online disruption.
"We expect CUs to assume that operational/cyber incidents will happen, and to have mitigating policies and procedures...
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