According to research from the Identify Theft Research Center, more than 1.5 billion records have been exposed and nearly 10,000 breaches reported since 2005. In 2018, alone, 446.5 million records were exposed.
CUNA calls on policymakers to create a national data security framework, and believes that data security and privacy must be a national security priority.
“America’s focus on national security must extend beyond strictly physical concerns like our border and our defense interests. It is imperative that we protect our nation’s digital infrastructure from the ever-increasing cyber-attacks that create financial calamity, jeopardize Americans’ privacy, and monetarily bolster foreign bad actors,” said CUNA President/CEO Jim Nussle. “The current patchwork of data security and privacy regulations creates gaps through which cybercriminals continue to exploit every American’s personal and financial data. If our leaders are serious about protecting Americans, then real solutions to data security and privacy must be a priority.”
Enhancing information security continues to be a priority issue of concern for credit unions and a key pillar in CUNA’s 2019 advocacy agenda. CUNA continues to work with a coalition of financial services industry members to enact legislation that would require strong data security standards.