By now, you may have heard of the ransomware attack that caused outages at over 60 credit unions across the country. The cybercriminals responsible locked users out, employing extortion tactics by manipulating a cloud computing provider used by credit unions throughout the country. The full scale of the attack is still to be determined; however, the National Credit Union Administration has issued guidance, noting that such attacks are becoming more prevalent. Credit unions should remain vigilant in protecting data and daily operations.
Cyberattacks and ransomware attacks have seen an increase in recent years, a trend that is anticipated to continue. According to a study by VynZ Research, the fraud detection and prevention market is expected to reach USD$ 85.3 billion by 2025. The NCUA emphasizes the importance of credit unions employing all available prevention methods to mitigate the downstream effects. Prevention measures, such as multi-factor authentication, advanced email security deployment, domain-based authentication, as well as regular data backups and recovery testing, can all reduce the impact of attacks.
On a positive note, advancements in preventative measures have become more accessible through Robotic Process Automation (RPA). RPA has emerged as a prevalent means of gathering suspicious login or transaction data that deviates from the norm for investigators. By utilizing a subset of RPA known as “machine learning,” bots can identify and detect anomalies in login or transaction patterns, verify the validity of an ID or signature, and even generate reports on suspicious activity to notify management.
As a partner of industry leading technologies that focus on automation for financial institutions, Roth Automation understands how to navigate through strict regulations to build a solution that is efficient and scalable. For questions about our AI offerings, contact us at info@RothAutomation.com.