PALO ALTO, Calif. (2/13/15, UPDATED 6:45 p.m. ET)--CUNA was represented at President Barack Obama's White House Summit on Cybersecurity today, held at Stanford University by Joan Opp, president/CEO of Stanford FCU. She participated on behalf of CUNA at the summit, which featured leaders from the government and private sector sharing perspectives on the importance of cybersecurity.
"Protecting credit unions and their members from data breaches is one of CUNA's top priorities," said Jim Nussle, President and CEO of CUNA. "I'm proud Joan attended on CUNA's behalf to represent credit union interests. We welcome the attention of the White House on the issue of cybersecurity and will continue to work with Congress for cybersecurity legislation that includes a national standard for data security and protection, consumer notification standards and ensures the party responsible for the data breach bears the cost."
President Obama signed an executive order during his portion of the summit calling for more private sector information sharing in order for cyber threats to be identified more quickly.
A panel on ways to promote more secure payment technology saw executives from organizations such as PayPal and Visa discuss how to keep payments reliable, trusted and secure.
"It was not surprising to hear a panelist say that 90% of consumers feel their information is vulnerable on the internet," Opp said. "The use of strategies like tokenization, which PayPal says it's been using for many years, and biotechnologies will be a crucial part of payments going forward."
CUNA supports a layered approach to improved payments security, one that includes tokenization, as well as chip cards (more secure than magnetic strips) and encryption. These were all mentioned by panelists as ways to keep payments more secure.
Secretary of Commerce Penny Pritzker also moderated a panel featuring CEOs from financial services companies.
"Secretary of Commerce Pritzker said she was surprised that anything less than 100% of CEOs are extremely concerned about cybersecurity," said Opp. "It showed the real need for Congress to pass data security measures."
Other topics covered at the summit include: