NAFCU Calls for Data Security Standard Action After Massive DocuSign Data Breach


Washington (May 16, 2017) – National Association of Federally-Insured Credit Unions (NAFCU) President and CEO Dan Berger issued the following statement in light of the data security breach that hit electronic signature company DocuSign, opening more than 100 million users to malware phishing attacks:

"These dangerous data security breaches will continue to put consumers at risk until Congress acts by instituting a strong national data security standard for retailers," said Berger. "Credit unions have been steadfast in protecting their members' information, but credit unions cannot control the lax security of the retailers their members use. After each breach, retailers pass the costs off to consumers and their financial institutions.

"It is essential that lawmakers hold retailers to the same strict data security standards credit unions already follow under the Gramm-Leach Bliley Act," Berger continued. "As NAFCU testifiedbefore the House Small Business Committee this March, the best way to address data breaches is to create a comprehensive regulatory strategy for industries that are not already subject to oversight. We need all those involved in the payments chain to take seriously their responsibility for protecting consumer data.

"NAFCU continues to support legislation along the lines of the Data Security Act of 2015, which would have established a national data security standard that also recognizes the measures already in place elsewhere under Gramm-Leach-Bliley," Berger continued. "In addition, NAFCU will continue to monitor progress on implementing President Donald Trump's recent executive order on cybersecurity, which we hope will lay the groundwork for better communication between prudential regulators and financial sector stakeholders."

The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation's federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go towww.nafcu.orgor @NAFCUon Twitter.


Falen Taylor