CUNA continues to see an important role for the federal government in cybersecurity requirements for entities other than financial institutions, which are subject to strict data security requirements, but often become financially responsible for other industries’ lack of effort, it wrote to the Senate Banking Committee Tuesday. CUNA highlighted credit unions’ role in protecting member and consumer information in a letter for the committee’s hearing cyber risks to the financial services industry.
“Although credit unions do their part in securing information and operations, we do continue to see an important role for the federal government in requiring cyber preparedness for other industries and working to protect financial institutions and from cyber attacks,” the letter reads. “Furthermore, we fear that bad actors continue to attack less regulated industries as a means to generate revenue for continued cyber attacks and other criminal activities.
“Credit unions along with other members of the financial services system make cybersecurity a top priority,” the letter adds.
The letter notes than credit unions of all sizes invest significant resources to protect critical system from cyberattacks. NCUA and the Federal Financial Institutions Examination Council serve as a partner for credit unions in assessing cyber risks and providing resources.
“These efforts along with several industry led initiatives to share information and bolster resilience for all types of financial organizations demonstrate that the financial services industry along with the credit union and bank regulators expend great efforts to ensure that system remains robust,” the letter reads.