Cybersecurity and ransomware have been hot topics in the news. Unfortunately, the bad guys out there never stop looking for new ways to hack into systems and compromise data. 

In May of this year, Colonial Pipeline Co. was shutdown causing fuel shortages on the East Coast and paid $4.4 million in ransom to a ransomware gang called DarkSide. Later in May, JBS, a meat supplier from Brazil was taken offline by a different ransomware gang called REvil. These are just a couple examples from this year that have had a major impact on organizations and the people they serve.

The good news is that together we can work to fend off these attempts. Here at Greater Iowa Credit Union, we are committed to keeping your data safe. Cybersecurity is a journey, not a destination, and we continue to evolve and keep up with ever-changing threats.

Our first line of defense is securing our physical space. We work to keep our branches and the systems inside safe and secure. In cyberspace, we have multiple layers of security in place to keep your data safe, including firewalls, strict spam filters, etc. Employees are another critical line of defense, and we work hard to keep them educated on the latest phishing tactics and other cyber threats.

You, the members, also have the power to proactively keep your information safe. All of us likely have personal data residing on many computers or mobile systems. All of our data is vulnerable to these cyber threats, and we may not know right away if someone has stolen our personal information. How can we protect ourselves and family members from that data being used at our financial expense?   There are companies that monitor the internet for our personal information and companies that will help restore our credit if our identity is stolen. 

A first step we can each take as individuals is to monitor our credit reports, along with your credit union accounts, for any suspicious activity. It is much easier to fix issues right when they occur rather than years later when we need to use our credit. This is inexpensive and easy for each of us to do through one of the three credit bureaus - Transunion, Experian, and Equifax. Each of these bureaus offer one free credit report each year. Consumers can order a report from Transunion in April, one from Experian in August and one from Equifax in December to monitor personal credit reports for unauthorized loans taken out in their name and social security number. 

There is also the option of ‘freezing’ your credit report. This blocks access to your credit report at that reporting agency. You must request three credit freezes, one at each credit bureau. This will also prevent you from accessing your credit until you lift the freeze. However, you must plan ahead if you will be applying for a loan and have previously put freezes on your credit reports.   

Together, we can navigate the cybersecurity threats and continue to focus on improving the financial health of all members.