Coronavirus Intensifies Cyber Crime Threats to Credit Unions, Members

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In December 2019, an article in CPO Magazine acknowledged that the FBI had issued a warning to the auto industry about being a target for cyberattacks. The U.S. automotive industry has become a target for cybercriminals because of the vast amount of personal data it contains, and this is especially significant because the FBI rarely singles out a particular industry and issues substantial warnings like this one, which says, “Automotive companies need to develop proactive defensive security measures to deal with all of the risks highlighted by the FBI warning.” Credit unions that work with auto dealers must also be on guard and extend protections to their members.

Although this FBI warning went out to the auto industry, it affects more than just dealers. Credit unions that offer auto loans and members who receive financing are also at risk. The article mentioned above clearly stated that, “In particular, when an enterprise shares data or partners with other organizations, it needs to be aware not only of the risk directly posed to its systems but the risk to its partners’ systems as well.” Members’ financial data is a portion of the automotive industry’s growing risks, and members should be aware of this so they can ask the auto dealers how their data is being protected.