Feb. 12, 2013 – President Obama will issue an executive order on cybersecurity Wednesday morning that will establish a voluntary system allowing companies operating critical infrastructure to choose to meet certain cybersecurity standards and practices, according to a Feb. 11 report in The Hill newspaper.
Those standards and practices would be determined at least in part by the government, the publication said. The executive order is expected to be announced at a briefing at the Department of Commerce. Senior administration officials are expected to provide an update about cybersecurity policy.
The executive order would come just weeks after the Senate introduced S. 21, a bill that expresses the "sense of the Congress" on cyber security. That bill called for strengthening protections for both public and private sector computer networks; improving information sharing between the private sector and government; and developing a public-private partnership to defend against cyber attacks.
NAFCU pressing for action
NAFCU has continued to maintain close relations with lawmakers in both chambers as the debate over cyber security has continued to take shape. NAFCU is advocating for measures that, among other things, would require national standards for data security, impose liability if such standards are not met and require immediate breach notification to financial institutions and their account holders.
On Thursday, NAFCU will closely monitor a cyber security hearing held by House Select Intelligence Committee. The hearing, “Advanced Cyber Threats Facing Our Nation,” will include testimony from former Michigan Gov. John Engler, president of the Business Roundtable; Paul Smocer, president of BITS; Kevin Mandia, CEO of Mandiant; and Ken DeFontes, president and CEO of Baltimore Gas & Electric.
NAFCU is urging all credit unions to take cyber threats seriously and take the appropriate steps to be prepared. To that end, the latest on cyber security issues for credit unions will be a key focus of NAFCU’s Technology and Security Conference, held Feb. 26-28 in Austin, Texas. The conference will give credit unions the latest on how to detect, prevent and respond to social engineering and cyber crime, social media and other online threats, ensuring system continuity and more. Learn more or register online.