Bill would enhance federal regulators’ cybersecurity programs

Protecting Americans’ financial and other personal information no matter what entity possesses it is of utmost importance to credit unions, CUNA wrote to House Financial Services Committee leadership Tuesday. The committee conducted a markup of several bill starting Tuesday, including the CUNA-supported Cybersecurity and Financial System Resilience Act (H.R. 4458).

“America’s credit unions support efforts to ensure that the entire financial services sector has proper cyber safeguards in place and this effort should extend to the sectors’ regulators,” the letter reads. “H.R. 4458 would require the sectors’ regulators to each issue an annual report to Congress describing measures the respective agency has taken to strengthen cybersecurity with respect to its functions as a regulator, including the supervision and regulation of financial institutions and, where applicable, third-party service providers.”

The Federal Information Security Modernization Act (FISMA) requires regulators to develop, document and implement an agency-wide program to provide information security for systems that support the operations and assets of the agency.


continue reading »