Check Your North Dakota Bank Account – Cyberattack On Credit Unions
It's a good idea to regularly check your bank account, but credit union customers should keep a closer watch on their North Dakota banks.
According to The Register, a cloud-based service that many credit unions depend on was compromised by ransomware, resulting in at least 60 credit unions going offline.
CNN has also reported that the National Credit Union Administration is collaborating with the impacted financial institutions, and a federal agency has verified the attack. Although, according to the NCUA website, no formal statement has been issued this time, it looks like steps are being taken to address the issue.
To prevent panic, federal agents are not disclosing which credit unions are impacted. As of this writing, The Record has only located one in the state of New York that is unavailable. Although there is no proof that any credit unions in North Dakota are impacted, many people nationwide rely on the compromised cloud-based service. It's better to be safe than sorry.
When a cyberattack like this occurs, it's common for businesses to want to withhold information in order to prevent spreading panic, particularly when customers' finances could be in jeopardy.
Ransomware is a piece of malware designed to deny a user or organization access to files on their computer. Cyberattackers put companies in a situation where paying the ransom is the simplest and least expensive way to get access to their files again by encrypting these files and requesting payment in exchange for the decryption key. Some versions of the virus have included extra features, like data theft, to entice ransomware victims to pay the ransom.
The most common and obvious kind of malware is now ransomware. Ransomware attacks have crippled public services in cities, affected hospitals' ability to provide essential services, and seriously damaged a number of organizations.
The good news for customers is that the accounts are insured, and there's no evidence yet that any customers have lost money because of this attack.
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