WASHINGTON (10/20/14)--As the number of data breaches and the accompanying costs for financial institutions and consumers continue to rise, President Barack Obama issued an executive order Friday aimed at improving the security of consumer financial transactions.
"While the U.S. government's credit, debit, and other payment card programs already include protections against fraud, the Government must further strengthen the security of consumer data and encourage the adoption of enhanced safeguards nationwide in a manner that protects privacy and confidentiality while maintaining an efficient and innovative financial system," the order reads.
Eric Richard, Credit Union National Association general counsel, commended the president for calling on Congress to enact cybersecurity legislation. CUNA previously wrote to Obama to request the formation of a cybersecurity council, as well as legislation to protect American consumers.
"As a member of the Payments Security Task Force, CUNA has been actively engaged with payment networks, financial institutions, retailers and manufacturers to ensure chip cards and readers are accessible and enabled by the end of 2015," Richard said. "Credit unions have been and will continue to be involved in this important conversation, and we look forward to working with the administration on this vital issue."
Obama's executive order lays out a timeline for increased cybersecurity measures to be taken by the government, as well as increased resources to consumers. This includes:
FTC Chair Edith Ramirez said in a statement following the order that she welcomes the opportunity to participate in the new initiative.
Use the resource link below to access the full text of the order.