PaymentsJournal
No Result
View All Result
SIGN UP
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
PaymentsJournal
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
No Result
View All Result
PaymentsJournal
No Result
View All Result

Ransomware Attack Impacts Roughly 60 Credit Unions

By Connie Diaz De Teran
December 5, 2023
in Analysts Coverage, Fraud & Security
0
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Ransomware

More than 60 credit unions nationwide succumbed to a ransomware attack.

Ongoing Operations, a division of Trellance, a cloud computing provider serving credit unions, was affected by the attack, as confirmed by a spokesperson from the National Credit Union Association (NCUA).

According to Ongoing Operations, the event was an “isolated cyber security incident” and the company is working with experts to implement additional procedures that will help boost data security and bar any illicit access in the future. As of now, no evidence was found to indicate a misuse of the information gathered.

Ransomware Attacks Continue to Wreak Havoc

Ransomware is a malignant software that encrypts victims’ files, rendering their data and systems useless. When it comes to ransomware attacks, hackers can enter a system, block out users, and ultimately hold the system hostage, demanding payment to regain access.

From attacks on supply chains and now cloud infrastructures, ransomware attacks are impacting organizations, and if concrete steps aren’t taken, it may get worse.

The recent attack on the credit unions is just one of many attacks that have occurred in the U.S. In April, U.S payments giant NCR reported a data center outage as a result of a cyber ransomware attack. NCR first investigated an issue tied to its Aloha restaurant POS product, but later determined that a small number of “ancillary Aloha applications” were affected by a single data center outage.

Banks have also become prime targets. The Treasury Department shared that more than $1 billion in ransomware payments were made by U.S. financial institutions in 2021.

Increased Regulation is Needed

Currently, there are no existing regulations in place for organizations to report of any ransomware attacks to the government.

Organizations who have been affected are encouraged to contact federal agencies, including the Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency (CISA), the FBI, and the Secret Service, to get assistance in the prevention and response to ransomware attacks.

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Tags: BanksCredit UnionsNCRNCUARansomware

    Get the Latest News and Insights Delivered Daily

    Subscribe to the PaymentsJournal Newsletter for exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    AI Is Turning Accounts Receivable Into a Strategic Powerhouse

    AI Is Turning Accounts Receivable Into a Strategic Powerhouse

    July 15, 2025
    Embedded Finance

    Embedded Finance: Bringing Payments Under a Single Umbrella

    July 14, 2025
    Making Real-Time Payments a Reality

    Fulfilling the Promise: Making Real-Time Payments a Reality

    July 10, 2025
    mortgage

    The Rich Benefits of In-House Payment Systems

    July 9, 2025
    digital cards

    Beyond Plastic: Why Digital Cards Are the Future

    July 8, 2025
    What Premium Card Overhauls by Chase and Amex Reveal About the Credit Card Market

    What Premium Card Overhauls by Chase and Amex Reveal About the Credit Card Market

    July 7, 2025
    Rewire Acquires Imagen, Looking at Prepaid Cards for Migrant Workers

    Smells Like Team Spirit: What Makes Cobranded Credit Cards Work

    July 3, 2025
    uk banking outages

    New Continuous Strategies for Battling Account Takeovers

    July 2, 2025

    Linkedin-in X-twitter
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter

    ©2024 PaymentsJournal.com |  Terms of Use | Privacy Policy

    • Commercial Payments
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    No Result
    View All Result