Removing Barriers Blog

CUNA Writes to Senate Banking Prior to Hearing on Cybersecurity
Posted May 24, 2018 by CUNA Advocacy

Earlier today, the Senate Banking Committee met to hold a hearing entitled, "Cybersecurity: Risks to the Financial Services Industry and Its Preparedness.” Prior to the hearing, CUNA sent a letter to Chairman Crapo and Ranking Member Brown highlighting credit unions’ role in protecting member and consumer information.

The letter reiterated the important role for the federal government in cybersecurity requirements for entities other than financial institutions, which are subject to strict data security requirements, but often become financially responsible for other industries’ lack of effort.

“Although credit unions do their part in securing information and operations, we do continue to see an important role for the federal government in requiring cyber preparedness for other industries and working to protect financial institutions and from cyber attacks,” the letter reads. “Furthermore, we fear that bad actors continue to attack less regulated industries as a means to generate revenue for continued cyber attacks and other criminal activities.

“Credit unions along with other members of the financial services system make cybersecurity a top priority,” the letter adds.

The letter notes than credit unions of all sizes invest significant resources to protect critical system from cyberattacks. NCUA and the Federal Financial Institutions Examination Council serve as a partner for credit unions in assessing cyber risks and providing resources.