NAFCU’s cybersecurity resources help CUs navigate changing times
Last week, Equifax reached a settlement for their massive data breach that affected an estimated 147 million Americans. The company has agreed to pay $700 million for claims tied to the breach, but the topics of data and cybersecurity remain unsettled overall. Institutions, including credit unions, must continue to ensure the safety of their members’ data on an ongoing basis, as threats remain prevalent.
NAFCU has long been active with lawmakers on the issues of data and cybersecurity. In 2013, the association’s advocacy efforts approached the massive 2013 Target data breach head-on, calling for a legislative solution to reform the nation’s data security system. And earlier this year, NAFCU’s Executive Vice President of Government Affairs and General Counsel Carrie Hunt reiterated the association’s call for a national data security standard for entities that collect and store consumers’ personal and financial information ahead of a hearing to examine ways to improve the credit reporting system.
NAFCU is also engaged with the Financial Services Sector Coordinating Council (FSSCC), which brings together private and public stakeholders to develop critical infrastructure strategies and initiatives. Last week, NAFCU’s Senior Counsel for Research and Policy, Andrew Morris, attended a joint meeting with the FSSCC and the Financial and Banking Infrastructure Committee. The meeting included discussion of a potential framework for promoting sector-specific operational resilience, insights regarding global cybersecurity threats, and potential approaches for enhancing supply chain transparency.
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