The executive order will create a voluntary program where companies agree to adopt a minimum set of security standards set by the government. CUNA reported that the financial services industry is ahead of other sectors in cyber security thanks to Y2K.
The Treasury’s Financial Service Sector Coordinating Council (FSSCC), which was originally formed to address Y2K issues, now addresses cyber security issues. At the end of last year, CUNA employees attended a FSSCC meeting to coordinate with the federal government on cyber security. Click here to read more.