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NAFCU President and CEO Dan Berger reiterated the need for national data security standards that level the playing field for all those that hold consumers' personal financial information in an op-ed published in The Hill yesterday, concurrent with NAFCU testimony before Congress on the subject.

"While there is no one easy solution to the growing number of data breaches, there are options available that could greatly diminish their frequency," Berger wrote. "One is to impose accountability – if a data breach occurs, the impacted entity should own the responsibility to make it right."

Berger highlighted data from the Identity Theft Resource Center that showed that as of late October, there have been 1,120 recorded data breaches so far this year, compared with a total of 1,091 breaches in all of 2016.

"Policymakers know that better data protection is essential for effective consumer protection, but this issue goes beyond protecting consumers," Berger wrote. "Whenever any entity is breached, credit unions and other financial institutions are on the hook for the costs of replacing payment cards and making consumers whole again."

Debra Schwartz, NAFCU Board treasurer and president and CEO of Mission Federal Credit Union (San Diego, Calif.), delivered similar testimony to a House Financial Services subcommittee during a hearing Wednesday.

Berger, in the op-ed, urged Congress to hold all entities to the same federal data standards that financial institutions follow under the Gramm-Leach-Bliley Act and listed NAFCU's other priorities for inclusion in any comprehensive data security legislation.

"Work on data and cybersecurity is ongoing, and hopefully measures will be passed by Congress to ensure a level playing field for all those who hold onto consumers' personal data," Berger concluded. "Data breaches show no sign of slowing down; it is incumbent on us to take the necessary steps to protect consumers with a national data security standard."