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Cybersecurity bill moves on to House: CUNA, others urge privacy/protection balance
WASHINGTON (2/6/14)--Congress must ensure that the National Cybersecurity and Critical Infrastructure Protection Act (H.R. 3696) "provides the appropriate balance to protect privacy, while allowing financial institutions to evaluate information for cybersecurity threats," the Credit Union National Association said in a letter sent to the House Committee on Homeland Security this week.

The letter was sent ahead of a Wednesday markup session on H.R. 3696. The bill was passed unanimously by the committee on Wednesday, and now moves on to the full U.S. House.

H.R. 3696 would:
  • Strengthen existing mechanisms such as the Financial Services Sector Coordinating Council and the Financial Services Information Sharing and Analysis Center that help identify threats, respond to cyber incidents and coordinate with government partners;
  • Improve the provisioning of security clearances for those involved in cybersecurity information sharing; and
  • Expand the existing Support Anti-Terrorism by Fostering Effective Technologies (SAFETY) Act to provide important legal liability protections for providers and users of certified cybersecurity technology in the event of a qualified cybersecurity incident.
The bill "recognizes the necessary partnership between the private and public sectors required to better protect our Nation's cybersecurity infrastructure," CUNA and cosigners said in the letter.

They recommended targeting Section 205 of the bill to ensure financial institutions can continue to perform the necessary efforts to protect consumers and the nation from cybersecurity threats.

The letter noted that the financial services industry has taken major steps to address cybersecurity threats, continues to invest in infrastructure, has improved coordination among institutions of all sizes, and is continually enhancing government partnerships.

The letter was cosigned by the American Bankers Association, The Clearing House, Financial Services-Information Sharing and Analysis Center, Financial Services Roundtable, Independent Community Bankers Association, Investment Company Institute, NACHA-The Electronic Payments Association, National Association of Federal Credit Unions and Securities Industry and Financial Markets Association.
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