WASHINGTON (2/27/15)--While CUNA supports the concept of information sharing as a key component to combating cyberthreats, a new White House initiative does not go far enough in addressing cybersecurity issues for credit unions.
The Cyber Threat Intelligence Integration Center (CTIIC), announced this week by the White House, will focus on "connecting the dots" regarding cyber threats affecting American interests.
"The CTIIC will provide integrated all-source intelligence analysis related to foreign cyberthreats and cyberincidents affecting U.S. national interests; support the U.S. government centers responsible for cybersecurity and network defense; and facilitate and support efforts by the government to counter foreign cyberthreats," reads the fact sheet issued by the White House.
Stopping merchant data breaches is a top regulatory and legislative priority for CUNA, which has sent numerous letters to lawmakers urging the creation of strong data breach legislation. While several data breach bills are currently circulating the halls of Congress, CUNA is pushing for more aggressive legislation.
Such legislation must include a strong data protection standard for merchants and a national consumer notification standard that would preempt the patchwork of state laws currently in place across the country.
Two major breaches alone, at Home Depot and Target, have cost credit unions more than $90 million, despite the credit unions having nothing to do with the breaches.
CUNA created StoptheDataBreaches.com and has contributed numerous op-eds to publications calling for stricter merchant data security standards.