WASHINGTON—Both CUNA and NAFCU had representatives on hand for the cybersecurity summit hosted by the White House at Stanford University here.
Representing CUNA was Joan Opp, president and CEO of Stanford FCU, while NAFCU President Dan Berger represented his organization.
Cybersecurity, and holding merchants accountable for costs related to data breaches, have been and remain a high priority for both trade groups, which have been lobbying Congress for new legislation to address the issue.
“It's one of the great paradoxes of our time that the very technology that can be used to do great good can also be used to imperil us and do great harm," Obama said during the meeting.
During the summit:
- A number of companies, including Bank of America, committed to using the Administrations’ cybersecurity framework, a voluntary set of guidelines released by the White House in 2014.
- The president signed an executive order directing the federal government and the private sector to better share information on hacking and other cybersecurity threats. But the order does not protect companies who share information about attacks from lawsuits, a feature that is included in proposed legislation. Analysts said until that protection is provided, little sharing will actually occur.
- While a number of big-name tech companies declined to send representatives to the meeting, Apple CEO Tim Cook did attend, and he offered remarks that stressed privacy and security, noting again that his company makes its money by selling products and services, not by selling personal data.
"Our customer's trust means everything to us," said Cook. "We spent decades working to earn that trust. Privacy and security are built into every one of our products and services."
Cook also noted that Apple Pay is far more secure than plastic mag-stripe cards, and that Apple does not track Apple Pay data.
He also announced a partnership with the federal government that will see Apple Pay available for many government-related transactions in September, such as admission into a national park. Federal cards issued to veterans and for Social Security payments will also be compatible with Apple Pay.