WASHINGTON—The Senate Judiciary Crime and Terrorism Subcommittee held a hearing on “Cyber Crime: Modernizing our Legal Framework for the Information Age” here yesterday.
Credit unions used the hearing to reiterate support for a number of cybersecurity related bills currently before Congress.
In a letter in advance of the hearing, NAFCU told Congress it supports the strengthening of 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 has also been working with the National Institute of Standards and Technology (NIST) on the voluntary cybersecurity framework, designed to help guide financial institutions of varying size and complexity relative to reducing cyber risks to critical infrastructure.
NAFCU’s Brad Thaler called on Congress to move forward with the “Cybersecurity Information Sharing Act” (CISA), S. 754, a bill that would encourage the business community and government to share critical information about cyber threats while ensuring privacy, as well as the “Data Security Act,” S. 761, which would create a strong national data security standard for retailers, hold retailers accountable for breaches on their end and recognize credit unions’ compliance with the Gramm-Leach-Bliley Act.