Looking for better data security support from the government, The Credit Union Times said financial service trade associations are vouching for bills passed by the House of Representatives that would enforce federal agency security and increase research and development. The Credit Union National Association (CUNA), signed a letter in support of the bills, which the website said was also signed by banking and payment associations.
"Our nation's cyber security requires the active participation of the government, business and every consumer," according to the letter. "We believe these bills encourage the participation of all, while providing the tools to defend against cyber threats by funding research and development activities."
While the National Association of Federal Credit Unions did not sign this letter, Credit Union Times quoted vice president of legislative affairs Brad Thaler who said the exclusion means they want to emphasize the importance of data security in this legislation. The group penned their own personal letter which said credit unions often need to charge to make up for fraud related losses. Thaler said in the letter that he wants the House to hold every entity storing financial or personal data to a minimum set of standards in an effort to better protect the information they hold.
The Credit Union Times said bills passing on to the Senate include:
- The Cybersecurity Enhancement Act, H.R. 756, which will likely be vetoed by President Barack Obama
- The Advancing America's Networking and Information Technology Research and Development Act, or H.R. 967
- The Federal Information Security Amendments Act, or H.R. 1163
A recent survey published in NAFCU's Economic & CU Monitor showed that data security is still a big issue for the cost of doing business in credit unions. In 2012 alone, 3,800 member accounts were affected by breaches which cost $86,000 on average to fix. There was an average of $112,000 spent on data security by credit unions that year. About 38.5 percent said they expect security costs to rise in 2013 with a mere 2.6 percent expecting to spend less.
"Many credit unions tailor their efforts according to target group," according to the NAFCU's write up of the report. "Of the survey respondents, 78.8 percent said they offer training to students; 57.9 percent offer training to the elderly; and 68.4 percent have programs for high-risk borrowers. The most common type of educational program offered focused on home buying."
Data Security News from SimplySecurity.com by Trend Micro.