Data privacy and security continues to be a major concern for consumers and credit unions, CUNA wrote to a House Financial Services subcommittee Wednesday for its hearing on cyberthreats.
“Credit unions strongly support the enactment of a national data security and data privacy law that includes robust security standards that apply to all who collect or hold personal data and is preemptive of state laws,” the letter reads. “We firmly believe that there can be no data privacy until there is strong data security.
With that in mind, credit unions call on Congress to pass a robust national data security standard that would cover all entities that collect consumer information and hold those who jeopardize that data accountable through regulatory enforcement,” it adds. “Securing and protecting consumer data is important not only for their individual financial health but as a further safeguard against rogue international agents and interference by foreign governments.”
CUNA notes there have been more than 10,000 data breaches exposing nearly 12 billion consumer records since 2005, costing credit unions and consumers hundreds of millions of dollars while jeopardizing privacy.
Credit unions call on the committee and Congress to follow the following principles for federal privacy and data security legislation: