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Irish Information Security Forum

Ransomware Attacks on U.S. Credit Unions

Release Date: 2 December 2023

 

A recent ransomware attack has caused significant disruptions to approximately 60 credit unions across the United States.

 

The attack targeted an IT provider that these credit unions rely on, leading to widespread outages. The National Credit Union Administration (NCUA), the agency that insures deposits at federally insured credit unions, confirmed the incident. The full extent of the outage and its impact on credit unions was unclear.

 

This ransomware attack affected a unit of Trellance, a cloud computing firm provider used by credit unions. The hack occurred through a third-party vendor, FedComp, using Trellance software.

 

One of the affected credit unions, New York-based Mountain Valley Federal Credit Union, reported that technicians from the hacked IT provider were working tirelessly to restore their systems.

 

mountain valley credit union ransomware attack

"As of today, MVFCU’s data processing system remains non-operational. Our data processor is working diligently around the clock to get them back online. Due to the number of credit unions across the country that have been affected by this, we are seeing a longer resolution time for when the system will be back up. We are hopeful that it will be soon"

 

As the situation continues to unfold, the focus remains on restoring services and enhancing cybersecurity measures to prevent future attacks.




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