Washington, Dec. 19, 2014 -- One year after Target confirmed the company’s massive data breach, and as the holiday shopping season is approaching its peak on Super Saturday, National Association of Federal Credit Unions (NAFCU) President and CEO Dan Berger today reiterated the need for national standards on data security and breach notification for retailers.
“In spite of a year of retail data breaches since the massive Target data breach, American consumers’ sensitive personal and financial information is vulnerable as ever without greater data security or breach notification standards for retailers,” said Berger. “Congress needs to put an end to cybercriminals’ raid on consumers’ financial and personal information and make retailers subject to the same national data security standards that apply to financial institutions, such as the requirements of the Gramm-Leach-Bliley Act.”
One year after the Target data breach, the figures are astonishing:
NAFCU was the first financial trade organization to call for national data security standards for retailers, and it continues to push for legislative action on Capitol Hill. The association has also written Congress urging it to create a bipartisan-bicameral working group to develop legislative responses to retailer data security breaches.
NAFCU is a member of the Payments Security Task Force. The task force is a diverse group of participants in the payments industry focused on EMV chip implementation, including ways to help reduce testing and implementation time, as well as driving a discussion on payments system security. NAFCU is also a member of the Financial Services Sector Coordinating Council and the Financial Services Information Sharing and Analysis Center, which work on infrastructure cybersecurity.
The National Association of Federal Credit Unions is the only national trade association that exclusively represents the interests of federally chartered credit unions before the federal government and the public.
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