news.cuna.org/articles/108112-cuna-senate-must-be-bold-in-setting-strong-natl-data-standard

CUNA: Senate must be 'bold' in setting strong nat'l data standard

October 21, 2015

WASHINGTON (10/21/15)--The U.S. Senate must be bold in fighting against cyberthreats by establishing a strong, national data standard, CUNA and its partners told Senate leadership Tuesday.

In a letter sent to Senate Majority Leader Mitch McConnell (R-Ky.) and Senate Minority Leader Harry Reid (D-Nev.), CUNA and other financial services organizations wrote in support of the Cybersecurity Information Sharing Act (CISA), and urged further work.

CISA (S. 754) would encourage businesses and the government to share information on cyberthreats more quickly and more efficiently.

“Passage of CISA would be an important step towards improving our defenses of cyberthreats, but the Senate’s work must not stop there,” the letter reads. “We urge the Senate to be bold in its fight against cybercriminals by expediting consideration of legislation to establish a strong, but scalable, national data security standard to safeguard sensitive and personal consumer data.”

The letter cites the Data Security Act of 2015 (S. 961), which has strong CUNA support, as an example of a bill that would enact such a standard. Introduced by Sen. Tom Carper (D-Del.) and Roy Blunt (R-Mo.), S. 961 would create a data security standard that is adaptable for entities of all sizes.

“By outlining a security process that is adaptable to future changes in technology, the Data Security Act would enable businesses of all sizes and complexity to better protect consumers from harm,” the letter reads. “Importantly, S. 961 also recognizes that it is not productive to duplicate data protection and consumer notice requirements that are already in place for financial institutions under the Gramm-Leach-Bliley Act and subsequent regulations.”

In addition to CUNA, the joint letter was signed by the Consumer Bankers Association, Independent Community Bankers of America and the National Association of Federal Credit Unions.