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Nussle Blogs on Cybercrime in 'The Hill' with other FI Leaders
Tuesday, June 16, 2015 6:40 AM

CUNA President/CEO Jim Nussle joined with other financial institutions to write an op-ed in The Hill’s Congress Blog urging the U.S. Congress to act against cybercrime by passing the Data Security Act of 2015 ( S. 961/H.R. 2205).

Nussle joined leaders of the Financial Services Data Security Coalition: Frank Keating, president/CEO of the American Bankers Association; Tim Pawlenty, president/CEO of the Financial Services Roundtable; and others.

“Americans expect companies with which they do business to protect their sensitive personal and financial data,” wrote CUNA in the joint op-ed. “Yet, the reality is American consumers are under constant threat of identity theft and fraud due to lax security practices that leave the door open to cyber criminals.

“Literally hundreds of millions of debit and credit card accounts have been compromised at major retail locations. It is important to remember that behind each of these compromised accounts are everyday Americans who now have to deal with the raw and frightening consequences of having their virtual identity stolen. In 2014 alone, criminals stole $16 billion from more than 12.7 million fraud victims and, not surprisingly, two-thirds of those victims can be traced to data breaches. The stakes are high. And consumers are paying the price.

“In some sectors, where the nature and sensitivity of consumer data has always been obvious, such as banking and health care, Congress long ago aligned consumer expectations with federal requirements to keep customer information safe. The reality of today’s interconnected, data-driven world means other less-obvious sectors like retail handle and store much of the same sensitive data.”

The group noted the sponsors of S. 961/H.R. 2205—Sens. Roy Blunt (R-MO) and Tom Carper (D-DE) and Reps. Randy Neugebauer (R-TX) and John Carney (D-DE)—want to ensure a customer’s sensitive personal and financial information are secure at every point in the payment process.

To read more, go to The Hill Congress Blog.