Navigating New Cyber Reporting Requirements: What Virginia Credit Unions Need to Know

As the cybersecurity landscape continues to evolve, a significant regulatory update is on the horizon that our member credit unions need to prepare for. The Department of Homeland Security's Cybersecurity and Infrastructure Security Agency (CISA) has introduced a mandate requiring federally insured credit unions, those regulated by the NCUA included, to report certain cyber incidents and ransomware payments.

This new proposed mandate underscores a shift towards greater accountability and transparency in cyber threat management. Importantly, it would require incidents to be reported to CISA within 72 hours. While this aligns with the principles you may already navigate under NCUA guidelines, it also presents new challenges and considerations.

Across the Commonwealth, from Richmond to Roanoke, there's a collective effort to understand and adapt to these requirements. Acknowledging the importance of these changes, there are conversations happening about how to integrate these new reporting processes effectively within your existing frameworks.

With the proposal currently open for comments, there's a vital opportunity for Virginia's credit unions to actively participate in shaping the final regulations. You are encouraged to review the proposal and submit your comments by June 3rd, 2024, through the Federal Register. Your insights are invaluable in ensuring these regulations are not only effective in bolstering our cybersecurity framework but also practical for the day-to-day operations of credit unions.

As you navigate through this changing regulatory landscape, remember that the Virginia Credit Union League is here to support you. Your commitment to protecting the financial interests and assets of your members is paramount, and through collaboration and preparedness, we can meet these challenges head-on.