WASHINGTON—The White House announced a new cybersecurity strategy it describes as taking “bold new steps” to protect Americans and strengthen cyberspace capabilities.
The strategy proposes no new requirements for financial institutions or credit unions, which already comply with numerous cybersecurity-related standards under the Gramm-Leach Bliley Act and other agency-specific guidance, NAFCU noted.
The strategy expands on a May 2017 executive order, titled Strengthening the Cybersecurity of Federal Networks and Critical Infrastructure, which helped lay the groundwork for this new policy.
The strategy focuses on the following four key “pillars:”
- Defending the homeland by protecting networks, systems, functions and data
- Promoting American prosperity by nurturing a secure, thriving digital economy and fostering strong domestic innovation
- Preserving peace and security by strengthening the ability of the United States — in concert with allies and partners — to deter and, if necessary, punish those who use cyber tools for malicious purposes
- Expanding American influence abroad to extend the key tenets of an open, interoperable, reliable and secure internet
“For any nation that's taking cyber activity against the United States, they should expect ... we will respond offensively as well as defensively,” National Security Adviser John Bolton during a briefing.
He argued there have been efforts made by countries such as, Russia, Iran, China and North Korea that need to be countered.
The ‘Front Lines’
“NAFCU looks forward to working with the Administration to realize the President’s strong national cybersecurity vision. Credit unions stand on the front lines of today’s cyber threat environment and maintain a robust cybersecurity posture to protect their members against fraud. This announcement reinforces the need for effective coordination and leadership to strengthen all critical infrastructure sectors and improve resilience against future cyber-attacks,” said Andrew Morris, NAFCU Regulatory Affairs Counsel.