In response to the ongoing economic effects of COVID-19, the Federal Financial Institutions Examination Council (FFIEC) has issued additional guidance on pandemic planning credit unions need to be aware of.
The FFIEC has identified several unique challenges that set pandemic preparedness, such as COVID-19, apart from other aspects of continuity planning:
In order to ensure your credit union’s business continuity plan addresses these challenges, the FFIEC recommends:
To ensure your employees can telecommute effectively and securely, Doeren Mayhew recommends the following:
Finally, it is imperative employees remain diligent when it comes to secure practices, such as being suspicious of unsolicited emails. Where credit unions are scrambling to keep operations up, cyber criminals are plotting on how to more easily take advantage of this situation. It is good practice to communicate clearly with employees on things to look out for, including phishing scams, in these times of uncertainty. Check out these 10 tips for detecting a phishing email Doeren Mayhew has compiled to help protect your organization.
If you have any questions regarding your business continuity plan or cybersecurity, contact us today.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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