NAFCU Vice President of Legislative Affairs Brad Thaler.
March 13, 2013 – NAFCU Vice President of Legislative Affairs Brad Thaler on Tuesday urged leaders of the House Committee on Homeland Security to support NAFCU-backed data security measures ahead of today’s hearing on protecting the nation’s critical infrastructure.
The hearing will focus specifically on the roles and responsibilities of the Department of Homeland Security regarding cybersecurity. The president’s executive order on cybersecurity includes an information sharing component requiring the DHS and the Attorney General to establish a process for disseminating information about a cyber threat to targeted private entities within 120 days.
However, NAFCU believes more needs to be done, especially as credit unions continue to “bear a significant burden” as the issuers of payment cards used by millions of consumers, Thaler told the committee. To that end, Thaler said that lawmakers should adopt measures outlined in the data security component of NAFCU’s five-point plan for regulatory relief, which include:
- payment of breach costs by breached entities;
- national standards for safekeeping of information;
- data security policy disclosures;
- notification of the account servicers;
- disclosure of breached entity;
- enforcement of prohibition on data retention; and
- burden of proof in data breach cases.
Thaler added that NAFCU is looking forward to working with the committee on the issue.