WASHINGTON- NAFCU President and CEO Fred Becker issued the following statement following President Obama’s executive order that calls for the development and implementation of a framework on cyber security practices with industry partners.
“We appreciate the president recognizing the importance of enhanced cyber security measures to our national security. This executive order is a good first step, but more measures are needed to truly protect our nation's people, businesses and our financial system.
“NAFCU has been a staunch champion of legislation to enhance data security. As outlined in our recently announced Five-Point Plan for Credit Union Regulatory Relief, NAFCU is advocating for a 21st century approach to data security, which includes national standards for safeguarding financial information, liability when such standards are not met and immediate notification to financial institutions and their account holders in the event of a data breach.
“We look forward to working with the Administration and Congress to move forward these critical measures."
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The National Association of Federal Credit Unions is the only national organization that focuses exclusively on federal issues affecting credit unions, representing its members before the federal government and the public.