WASHINGTON, DC (February 9, 2017) — National Association of Federally-Insured Credit Unions (NAFCU) President and CEO Dan Berger today issued a statement regarding Krebs on Security report today that Arby’s restaurants had experienced a major data breach.
“The continuing saga of retail data breaches have become a national nightmare. Cybercriminals are on a binge to capture American consumers’ valuable personal and financial data at every opportunity. The lack of a national standard of protection for merchants makes it easier for them,” said Berger. “Last year, the number of data breaches shattered all records and climbed 40 percent higher than reported in 2015,” said Berger. “And there is no sign of the criminals letting up. In 2017, we have already hit 110 breaches, a 36 percent hike over the same time last year. This breach is another example of why Congress must act to implement national data security standards for retailers now.”
According to the Identity Theft Resource Center (ITRC), in 2016, the business sector, which includes retailers, again topped the list in the number of data breach incidents, with 494 reported, representing 45.2 percent of the overall number of breaches.
NAFCU was the first financial trade organization to call for national data security standards for retailers, and it continues to push for legislative action on Capitol Hill. Since 1999, financial institutions including credit unions have adhered to the stringent standards of the Gramm-Leach-Bliley Act that help safeguard consumers’ sensitive personal and financial information.
Unfortunately, there is no comprehensive regulatory structure akin to GLBA that covers retailers, merchants, and others who collect and hold sensitive information. NAFCU continues to seek passage of a data security bill that would create a strong national standard of protection for retailers, recognize credit unions’ compliance with the Gramm-Leach-Bliley Act and hold retailers accountable for breaches occurring on their end.
The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.
