Data privacy and security keep on going be a major concern for consumers and credit unions, CUNA wrote to a House financial services subcommittee on Wednesday for its hearing on cyber threats.
“Credit unions strongly support the passage 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 pre-empt the laws state, âthe letter reads. âWe 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 adopt a strong national data security standard that would cover all entities that collect consumer information and hold accountable those who put that data at risk through the app. regulations, âhe adds. âSecuring and protecting consumer data is important not only for their individual financial health, but also as additional protection against dishonest international agents and interference from foreign governments. “
CUNA notes that 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 putting privacy at risk. .
Credit unions call on the committee and Congress to follow the following principles for federal data privacy and security legislation:
- New data privacy and security laws are expected to keep the Gramm-Leach-Bliley Act (GLBA) intact, as financial services their regulators have developed regulations, guidelines, and compliance procedures.
- Any new privacy law should include both privacy and data security standards.
- The new law should cover all businesses, institutions and organizations.
- Any new law should take precedence over state requirements to simplify compliance and create equal expectations and protection for all consumers.
- The breach notification or disclosure requirements are important, but these requirements alone
- will not improve security or privacy
- Hold entities that endanger consumer privacy and security accountable through regulation
- Recognize this problem for what it is: a national security problem.