Signzy US

Signzy’s Commitment to the Credit Union Industry

April 4, 2024

5 minutes read

In response to the recent ransomware attacks where approximately 60 Credit Unions have been hit with outages, Signzy is offering free cloud and infra security review service worth $4,000 to all the Credit Unions. This also includes cosultation and employee training over various cyber security aspects. The goal is to minimize the likelihood of such incidents happening again with a belief that your proactive action today can make a substantial difference in our shared security tomorrow.

Submit the ‘Reach out to us’ here to learn more.

‘At Signzy we are committed to the mission of members before margins  and want to do our part in helping the industry. We have a dedicated team of professionals who have been trained specifically on cyber security audits and ransomware responder certifications. We are a SOC2  & ISO 27001 certified company and our team members have certifications like CISA, CPTX, CPPT, AWS Security Specialist, Azure Security Specialist, Lead Auditor etc.’ – Ankit Ratan, CEO of Signzy

Below, we have shared some information about the attacks and good practices:

Ransomware: A Threat Looming Large – Lessons from the Credit Union Attack

Ransomware, a malicious software that encrypts your crucial data and demands payment in exchange for decryption, has become a significant threat to businesses and individuals alike. In recent news, a large group of credit unions faced a ransomware attack, highlighting the significance of preparedness is paramount, as one can never be excessively ready in the domain of cybersecurity.

To achieve this preparedness, credit unions should approach ransomware from two distinct perspectives – prevention and detection. Prevention involves strategic efforts behind the scenes to minimize the likelihood or complexity of attacks. While nothing is entirely impervious, a dedicated emphasis on prevention ensures the implementation of measures to both avert and effectively manage potential attacks. Conversely, detection involves vigilant monitoring and identification of potential ransomware threats, preventing them from catching your institution off guard and necessitating reactive measures to mitigate an escalating situation.

Understanding the Ransomware Attack

Ransomware attacks unfold methodically, progressing through distinct stages. When assessed independently, activities within a particular stage may seem less threatening, potentially overlooking the progression towards a full-fledged attack. The stages are:

  1. Point of entry via malicious links, files, and similar means
  2. Obtaining false credentials
  3. Installing malware
  4. Communicating with the server
  5. Moving laterally
  6. Discovering critical assets
  7. Encryption of files
  8. Exfiltrating data and/or detonating ransomware

Recognizing the intricacies of each stage is crucial for a comprehensive understanding of ransomware attacks and implementing targeted defense strategies.

Protecting Your Business from Ransomware

Plybooks Integration: Plybooks plays a pivotal role in fortifying ransomware defense by automating response processes, minimizing downtime, and ensuring a prompt and organized reaction to an attack.

Drills for Preparedness: Tabletop exercises are indispensable for simulating ransomware scenarios, enabling organizations to practice and refine their response plans, thereby minimizing the impact of an actual attack.

Application Security Focus: Robust application security is essential for preventing ransomware from exploiting vulnerabilities, ensuring software resilience against attacks that may lead to data encryption.

Infrastructure Hardening Techniques: The hardening of infrastructure provides protection against ransomware by reducing the attack surface, making it more challenging for malicious actors to gain unauthorized access and deploy ransomware payloads.

Cloud Misconfigurations Review: Regularly reviewing and rectifying cloud misconfigurations is critical to preventing ransomware from exploiting security loopholes in cloud environments and safeguarding sensitive data stored there.

Mitre Att&CK Framework Implementation: Implementing the Mitre Att&CK framework enhances the ability to detect and respond to ransomware attacks by offering a comprehensive understanding of adversary tactics, techniques, and procedures.

Communication Team Collaboration: Effective communication within the security team ensures a coordinated response to a ransomware attack, facilitating quick decision-making and containment to minimize damage.

Cyber Insurance Considerations: Cyber insurance can mitigate financial losses in the aftermath of a ransomware attack, providing coverage for ransom payments, legal expenses, and other costs associated with recovery.

Holistic Security Approach: Adopting a holistic security approach that integrates Plybooks, drills, and frameworks creates layers of defense, collectively reducing the risk of ransomware attacks and enhancing the overall resilience of the organization.

Continuous Learning Culture: Fostering a culture of continuous learning ensures that security teams remain informed about the latest ransomware threats, tactics, and preventive measures, enabling them to adapt strategies to evolving cyber threats.

Employee Training on Ransomware Awareness: Conducting regular training sessions is essential to educate employees on recognizing ransomware threats, understanding phishing tactics, and adopting best practices for cybersecurity.

Incident Response Plan:  An Incident Response (IR) plan as shown below works by providing a structured framework to detect, respond to, and recover from a ransomware attack.

Download the Societe Generale’s Incident Response Plan Playbook and tailor the template to suit the specific needs of your company. 


At Signzy, we prioritize members over margins. Our certified team focuses on cybersecurity audits and ransomware response. Signzy is a market leader in Digital Banking Infrastructure. For a limited time, we are offering a complimentary $4,000 cloud and infra security review, including consultation and cyber training with a goal to minimize future incidents. Submit your inquiry through ‘Reach out to us’ for details.

Join us and let’s strengthen cybersecurity together!

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