Credit unions are being warned to take action against a vulnerability in a popular file transfer application among financial institutions known as “MOVEit,” their federal regulator said Friday.
According to the National Credit Union Administration (NCUA), there are “indications of active exploitation” of the vulnerability, which has resulted with evidence of data exfiltration.
“All versions of MOVEit Transfer are affected, making it essential for credit unions to take appropriate action,” NCUA said in a statement.
According to the NCUA, on June 1 the federal Cybersecurity and Infrastructure Security Agency (CISA) issued a security advisory for the app, which addressed the critical vulnerability that affects web transfers. The vulnerability, the NCUA said, is known as CVE-2023-34362.
Credit unions are advised by CISA, the NCUA said, to review the critical vulnerability alert (issued by Progress Software) and apply the recommended remediation measures.
The NCUA said credit unions should prioritize applying necessary updates and searching vigorously for any signs of malicious activity.
If a credit union finds signs of the malicious action, it report the issue to CISA, evaluate whether data has been compromised and, if so, report that to the local FBI office, and report the incident to either the NCUA or, if state-chartered, to the state regulator. “Prudent credit unions have effective procedures for monitoring, sharing, and responding to threat and vulnerability information,” the NCUA stated.