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President Barack Obama today is expected to deliver a response to a report issued by the White House's Commission on Enhancing National Cybersecurity, to which NAFCU has provided comments. The report will also be released to the public shortly after his response, according to reports.

Obama created the Commission on Enhancing National Cybersecurity in April. The commission is made up of 12 members from the business, technology and academic sectors who were chosen by the president and congressional leaders from both parties.

NAFCU attended an Obama administration-led meeting on the plan in May and a public meeting of the commission in September. The association also submitted a comment letter to the National Institute of Standards and Technology in September in response to the commission's request for information. It recommended the following:

• lower cybersecurity insurance costs by holding retailers accountable for data security lapses and thereby reducing third-party risk;
• create a federal hub for information sharing and cross-sector communication;
• establish a strong federal standard for retailers through the "Data Security Act" (H.R. 2205/S. 961) so the cybersecurity burden can be shared across sectors; and
• promote multifactor authentication in the private sector, and make it a requirement for retailers.

NAFCU will follow up with credit unions on news from the report being released today.