July 3, 2024 at 08:41AM
Patelco Credit Union, serving 500,000 customers, faced a ransomware attack, impacting its online banking, mobile app, and call center. Electronic transactions are unavailable and restoration efforts are ongoing. Patelco emphasized secure system restoration, cooperation with cybersecurity experts, regulators, and law enforcement. Customer reimbursement for late payment fees is assured.
Based on the meeting notes, here are the key takeaways:
– Patelco Credit Union experienced a ransomware attack that forced them to shut down their systems, impacting online banking services, the mobile application, and the call center.
– Electronic transactions such as transfers, direct deposit, balance inquiries, and payments are currently unavailable.
– Restoration efforts have already begun, with a focus on the safe and secure restoration of banking systems.
– Withdrawals at Patelco ATMs and shared branch ATMs have not been affected by the incident.
– Patelco is working with third-party cybersecurity experts, regulators, and law enforcement to address the situation.
– The company has not revealed if customer accounts or data were compromised, but they will reimburse customers for late payment fees caused by the outage and waive overdraft, late payment, or ATM fees until normal operations resume.
– The credit union has 37 branches across Northern California and manages close to $10 billion in assets.
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