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Berger to retailers: Want CUs' buy-in? Protect consumers' data
NAFCU President and CEO Dan Berger indicated to six retail industry
groups Thursday that they have more work to do if they want credit
unions engaged in their inter-industry group working to protect "their
shared customers."
"We will join their partnership when
retailers and merchants begin properly protecting consumers' data and
investing in the technology necessary to do so," Berger said.
The groups, in their letter
sent jointly to Berger and CUNA President and CEO Jim Nussle, assert "a
number of misleading and factually inaccurate points perpetuated" by
the credit union groups about cybersecurity. They also complain of
credit unions' absence from the Merchant-Financial Services Cyber
Security Partnership, which they say has more than 250 executives from
all segments of the merchant community, card networks and banks.
NAFCU has been pressing hard for passage of legislation setting national data security
and breach notification standards for retailers, similar to those
required of financial institutions, and to ensure all market
participants bear their share of responsibility for breaches. The
association is also participating in discussions at several levels on
how to make the payments space more efficient and safe for consumers.
Thursday's
letter to Berger and Nussle was sent by the top executives of the
Retail Industry Leaders Association, National Retail Federation, Food
Marketing Institute, National Association of Convenience Stores,
National Grocers Association and Merchant Advisory Group.
NAFCU is
a member of the Payments Security Task Force, a group focused on
enhancing payments system security and including representatives from
payment networks, banks, credit unions, acquirers, retailers,
point-of-sale device manufacturers and industry trade groups. It is also
a founding member of the Financial Services Sector Coordinating
Council, which works with the FS-ISAC, the Financial Services
Information Sharing and Analysis Center, on infrastructure cybersecurity.
NAFCU
estimates that last year's Target Corporation breach alone could cost the
credit union community nearly $30 million for fraud monitoring,
reissuance of cards and actual losses, plus the staff time devoted to
addressing related member service needs.
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