NAFCU at meetings on cybersecurity, payments systems

NAFCU Senior Regulatory Affairs Counsel Michael Emancipator on Monday attended an Obama administration-led meeting on the administration’s development of a plan to enhance cybersecurity awareness and protections.

The meeting focused on potential cyber-threats to the financial services sector and how public and private entities can collaborate to combat cyber-threats.

The meeting also included a discussion of the NAFCU-backed S. 754, the “Cybersecurity Information Sharing Act” (CISA), which would encourage the faster sharing of cyber-threat information among the business and government sectors. (The bill was passed by the Senate last October and awaits House action.) Panelists also discussed cyber insurance and research and development into ways to mitigate cyber-threats.

NAFCU continues to remain engaged on cyber and data security issues and to advocate passage of the “Data Security Act,” which would hold retailers to the same standards financial institutions follow under the Gramm-Leach-Bliley Act.

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