WASHINGTON—The Senate Committee on Commerce, Science and Transportation held a hearing yesterday on “Building a More Secure Cyber-Future: Examining Private Sector Experience with the NIST Framework.”
Among those providing a letter to the committee was NAFCU, which called on Congress to strengthen “existing mechanisms in place to address cybersecurity issues such as the Financial Services Sector Coordinating Council (FSSCC) and the Financial Services Information Sharing and Analysis Center (FS-ISAC)."
NAFCU’s Carrie Hunt wrote that NAFCU has worked with the National Institute of Standards and Technology (NIST) on the voluntary cybersecurity framework released in 2013. She says the NIST initiative with the framework is a good step, but it was drafted with large institutions in mind. NAFCU also called on Congress to examine the following issues:
- Payment of Breach Costs by Breached Entities
- National Standards for Safekeeping Information
- Data Security Policy Disclosure
- Notification of the Account Servicer
- Disclosure of Breached Entity
- Enforcement of Prohibition on Data Retention
- Burden of Proof in Data Breach Cases
- CU’s Discovery of Fraud Has Now Led to 16 Arrests
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