Newsroom

April 27, 2016

NAFCU at FSSCC-FBIIC meeting on cybercrime

NAFCU Regulatory Affairs Counsel Kavitha Subramanian on Wednesday attended a meeting with the Financial Services Sector Coordinating Council on cybercrime and how to combat cyber risk.

NAFCU is a founding member of the FSSCC and has worked with the group on cybersecurity issues. The meeting, which took place in Chicago, was jointly hosted with the Financial and Banking Information Infrastructure Committee.

The meeting included presentations on how the Justice Department is addressing cybercrime as well as growing threats such as ransomware. Presenters also discussed the importance of information sharing and the option of purchasing cyber insurance.

NAFCU recently created a Cybersecurity and Payments Committee, which met in March to discuss current cyber and payments challenges facing the credit union industry. Among the issues the committee discussed was the Federal Financial Institutions Examination Council's cybersecurity assessment tool. NAFCU continues to encourage regulators to keep credit unions' use of the tool and of the National Institute of Standards and Technology framework voluntary.

NAFCU also continues to support the creation of a strong national data security standard that would hold retailers to the same regulations credit unions already follow under the Gramm-Leach-Bliley Act.