A research firm is estimating cybercrimes will result in the theft of 146 billion personal and financial data records globally over the next five years.
Findings generated by Juniper Research also anticipates America will become an even bigger target for data breaches, citing consumer data is collected by various industries regulated differently, making it easier to find and exploit systemic weaknesses.
National Association of Federally-Insured Credit Unions (NAFCU) officials said the organization continues to push for the adoption of data and cybersecurity standards for all entities that hold consumers’ information. NAFCU noted that they were the first group to call for a national data security standard in the wake of the 2013 Target data breach.
NAFCU officials said they would continue to work with lawmakers to establish a national data security standard and has shared with Congress principles credit unions would like to see addressed in any comprehensive cyber and data security legislation.
Credit unions who attend NAFCU’s Congressional Caucus in Washington, D.C. next month will get an update on progress made toward establishing a national data security standard, officials said.
Reps. Blaine Luetkemeyer (R-MO) and Carolyn Maloney (D-NY) are working on NAFCU-sought draft legislation to address the issue and are slated to speak during the session.