October 30, 2017

Responses to Monitor survey on cybersecurity due Friday

In light of recent data breaches revealing millions of Americans' personal financial information, cybersecurity is the focus of the next Economic & CU Monitor. NAFCU members have until Friday to submit their survey responses; credit unions can fill out the survey online here.

The Monitor survey seeks information regarding the Equifax data breach, specifically the services credit unions are providing to their members that may have been affected. The survey asks if credit unions have had to reissue any payment cards and if they are providing any services, such as identity theft insurance or credit score monitoring, to members as a result of recent data breaches.

Additionally, the survey requests information about third-party cybersecurity services credit unions use, and asks if respondents' credit unions have a Chief Information Security Officer (or similar position). NAFCU is also interested in learning how much budget credit unions devote to cybersecurity and about which cybersecurity threats credit unions are most concerned.

NAFCU has been a leading advocate for a stronger national data security standard and is actively engaged with lawmakers and regulators to ensure any new rules that stem from the Equifax data breach do not place additional burdens on credit unions. Debra Schwartz, NAFCU Board treasurer and president and CEO of Mission Federal Credit Union (San Diego, Calif.), is testifying on behalf of the association tomorrow during a House Financial Services subcommittee hearing on data security. NAFCU also has a cyber assessment tool available for its members to use to test their compliance and risk related to cybersecurity.

Responses to the Monitor's cybersecurity survey are due Friday. NAFCU relies on survey responses to provide its members a glimpse of trends affecting the credit union industry as a whole. The association also uses survey responses to inform its advocacy efforts on Capitol Hill and with regulatory agencies such as the NCUA, the CFPB and the Federal Reserve.