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NAFCU's Thaler reiterates need for cybersecurity improvements, national data security standard
Ahead of today's House Financial Services Task Force on Artificial Intelligence hearing to evaluate cloud computing – including how financial data is stored, protected, and maintained – NAFCU Vice President of Legislative Affairs Brad Thaler reiterated NAFCU's support for strong cybersecurity measures and renewed its call for a legislative solution to reform the nation's data security system.
"While depository institutions have a national standard on data security since the passage of the Gramm-Leach-Bliley Act (GLBA) over two decades ago, other entities who handle consumer financial data do not have such a national standard," wrote Thaler. "In addition, we also believe that there is a need for a uniform national consumer data privacy standard as opposed to a patchwork of standards stemming from different state data privacy laws."
Thaler also commented on the discussion draft bill - the Strengthening Cybersecurity for the Financial Sector Act - that would expand the NCUA's oversight authority over vendors who serve credit unions.
"NAFCU is opposed to granting additional authority to the NCUA to examine third parties," noted Thaler. "NAFCU believes in a strong NCUA, but that the NCUA should stay focused on regulating credit unions. We believe in reducing regulatory burden by coordinating efforts among the financial regulators."
Data security and cybersecurity continue to be a top concern for the credit union industry year-round, but the issues receive special attention during the month of October as it is recognized as National Cybersecurity Awareness Month.
As a leader in calling for national data security standards, NAFCU also has myriad resources available to ensure credit unions can effectively identify and address cybersecurity concerns.