MADISON, Wis.–TruStage has released a video update from CEO Terrance Williams and Chief Business Officer Chris Copeland with an update on where its “recovery journey” from a Summer cyberattack stands, while also providing a timeline for what’s ahead.
That timeline includes when it expects “full restoration” of certain services and solutions.
“I know the disruption caused by our cyberattack has made the past few months hard for you, your teams and the people you serve. While there’s still important work ahead, we are making meaningful progress,” Williams stated in a message announcing the video.
In the video, Williams addresses:
- Progress restoring systems, services and automated capabilities
- Work to clear backlogs and improve service levels
- Ongoing data investigation and how we’ll keep you informed and prepared
- The company’s financial strength and long-term stability, including help for customers facing financial hardship
- Recovery milestones the company expect over the next 45 days
All Grant Applications Approved
Williams said the company has committed an initial $3 million to a “Customer Assistance Fund” through the TruStage Foundation to provide grants to credit unions, and said all applications for assistance to date have been approved. If funds run out, he said additional money will be provided.
“We know the last few months have been painful for you customers and your employee,” said Copeland. “That’s why I want to show you where we are in our recovery where we’re headed next and when you will see more of that progress in your day-to-day experience you’ve asked us for this kind of visibility and you’ve waited for it we know you need a clearer sense of when our capabilities are coming back so you can plan for your business your employees and your members we now have strong confidence about our timelines…”
The Next 45 Days
Copeland said the biggest thing to be taken away from the new update and the roadmap it has created is what will take place over the next 45 days.
“We’re expecting meaningful improvement across several businesses, including areas where we know that disruption has created significant challenges for you, your employees and the people you serve, and some of that progress is already moving from the road map into practice,” he said.
Copeland said:
- There has been a return of transaction capabilities and benefits
- Lending capabilities have begun returning through phased rollouts
- Improvements in its retirement product area is providing “plan sponsors and participants more of the ability to manage their accounts.”
- The company is on a path to complete payroll processing this month
- Enrollment capabilities will begin reducing some of the manual work credit unions have had to carry
- “You can also expect premium cleanup by the end by mid-December to ease your end reporting,” Copeland said.
Copeland added the roadmap does not mean the recovery work is almost done. “We’re not,” he said.
The video can be viewed here.
