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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.

As a founding member of the FSSCC, NAFCU’s input helps inform productive collaboration and information sharing with regulators and other financial institutions who are jointly committed to strengthening the cybersecurity resiliency of the entire financial sector.

To assist with credit unions' needs, NAFCU's award-winning advocacy team offers a robust selection of resources for credit unions to leverage.

• Learn about cybersecurity risk exposure and strategies to mitigate risk by watching this webinar.
• Need help with the Automated Cybersecurity Examination Tool (ACET)? Get your questions answered in this Cybersecurity Exam Prep.
• Learn how to select best insurance policy to cover the escalating costs of data breaches, ransomware scenarios, and other cyberattacks in this Cybersecurity Insurance for Credit Unions webinar.
• Access a multitude of cybersecurity compliance resources, including an interactive cybersecurity assessment tool, insightful blog posts, articles and webcasts.
• Learn how to select the best insurance policy to cover the escalating costs of data breaches, ransomware scenarios, and other cyberattacks with this webinar on Cybersecurity Insurance for Credit Unions.
• Available to members, take advantage of NAFCU's FFIEC Cybersecurity Assessment Tool Workbook.
  • *Not a NAFCU member but would like to become one? Click here.

Establishing and maintaining cybersecurity has never been more important. That importance will only grow as new generations of members entrust more and more of their financial lives to cloud-based services — services that are highly appealing targets for criminal hackers. NAFCU will remain engaged on the issue.