Cybersecurity is top concern of entire financial services industry

December 5, 2019

Credit unions and the financial services industry at large are dedicated to protecting customer information along with working to ensure that systems used to provide financial services to Americans are robust, secure and resilient, CUNA wrote to the House Financial Services Committee this week.

“CUNA members continue to highlight cybersecurity as a top concern as protecting systems from outside threats becomes ever more complicated. Credit unions of all sizes invest significant resources to protect critical systems from attack,” the letter reads. “The NCUA and the Federal Financial Institutions Examination Council (FFIEC) have been good partners in assessing cyber risks and providing resources for credit unions.”

The letter adds that 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 financial regulators expend great efforts to ensure that the system remains robust.

“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 from cyber-attacks. 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,” the letter reads. “Credit unions along with other members of the financial services system make cybersecurity a top priority. Credit unions look forward to working with this Committee and federal agencies on continued cyber best practices.”