As e-commerce and financial technology continue to advance at breakneck speed, credit unions need additional support from governing bodies to ensure Americans are not left vulnerable. The pace of cyberattacks is only growing. Recent data from the Identity Theft Resource Center showed that by October of last year, the number of reported data breaches had already outpaced those for all of 2020.

Canvas Credit Union recently had the opportunity to testify in front of Congress at the House Financial Services' subcommittee hearing discussing cybersecurity. As Capitol Hill enacts laws intended to better our society, we consider it an honor, and our duty, to help ensure the underlying implications for credit unions and our members are well understood. We shared three primary opportunities for our government and credit unions to work together and improve cybersecurity for Americans.

Accountability

It is undeniable – the process governing data security and privacy in the financial sector has not kept pace with the malicious activity we combat every day. We feel there is one key weakness to the current legal framework: Accountability.