As concerns over data breaches continue to grow, national safeguards and standards must be established to protect credit unions and their members.
Data security breaches are a serious problem for both consumers and businesses. Credit union bear a significant burden as they incur steep losses in order to reestablish member safety after a data breach occurs - whether online or otherwise. We understand that data security is a big issue for credit unions and their members and that is why we are fighting for additional data security standards for merchants and retailers and have made it a keystone of our for credit union regulatory relief.
Currently, credit unions are subject to strong data security standards established by Congress and federal regulators. Unfortunately, merchants and retailers are not subject to the same federal requirements and many of them follow their own data security standards. However, high profile breaches at numerous retailers proves that much more needs to be done to protect consumers' financial data.
How This Impacts You
Despite the fact that many financial institutions have implemented sophisticated and effective data security (including cybersecurity) safeguards, attackers are constantly adapting to evolving technology and find new ways to access systems. Credit Unions must make efforts to stay one step ahead to protect their members. In addition, all entities – not just financial institutions – that handle consumer information must comply with comprehensive federal data protection standards.
Our views come from you. Make your voice heard.
Urge your representatives to support a strong national standard of data security for all entities that handle sensitive consumer financial information.