Credit union CEO says defenses getting better and will continue to improve after two-hour takedown on Monday.
The $3.9 billion Patelco Credit Union experienced its most profitable year in the Pleasanton, Calif.-based institution’s 76-year history, with a $55.5 million net profit and 1.48% return on assets. In fact, last year’s earnings were more than the total of $37 million earned from 2005 to 2011 combined.
Call it a frighteningly mixed message. In the last week of January, the al-Qassam Cyber Fighters who had been claiming the Distributed Denial of Service takedowns of some of the nation’s largest financial institutions, turned their sights on credit unions.
The bland name hides the lethal intent of DDoS when aimed at financial institutions, an event that has become increasingly common as dozens of large banks have recently found their online operations crippled, sometimes for days by highly skilled cyber-attackers.
California credit union second to confirm attack from Izz ad-Din al-Qassam Cyber Fighters, purportedly Iran-based.
California credit union garners more than 7,000 donations from members and employees.
Attorney says California credit union unfairly treated assistant branch managers as exempt employees.
Credit unions are making the most of the consumer outrage with big banks’ fees.
The $3.7 billion Patelco Credit Union is determined to make the most out of its 75th anniversary and a headquarters relocation out of San Francisco by conducting a marketing blitz aimed at enlarging its Bay Area profile.
The $3.7 billion Patelco Credit Union rolled out simultaneous marketing campaigns Tuesday, one on a “trust your CU” theme and the other spontaneous cash giveaways using a “Patelco Pays Your Way” pitch.