SeaComm representatives participate in Capitol Hill event on credit union issues
MASSENA -- SeaComm's CEO, members of their board of directors and senior management recently traveled to Washington, D.C. to join more than 5,000 credit union representatives to “Hike the Hill.”
The event allowed the local representatives to meet with members of the House and Senate, and speak on key issues for credit unions at the 2018 CUNA Governmental Affairs Conference.“Hike the Hill” is a grassroots program sponsored by the Credit Union National Association and the state leagues.
"It is critical that we talk about issues which are vital to our industry,” says SeaComm President and CEO, Scott A. Wilson. “In particular parity for merchants to follow the same cybersecurity standards as required of financial institutions. Data breaches cost hundreds of thousands of dollars to credit unions like ours. There is nonexistent merchant data security standards which make merchants vulnerable to attacks, thereby exposing credit unions, like SeaComm, to significant monetary costs and reputational risk.”
“SeaComm, like other financial institutions, is subject to strict data security standards under the Gramm Leach Bliley Act (GLBA). Retailers are not."
According to the Credit Union National Association, nearly 60% of consumers expect to be a victim of a data breach at some point.
In 2017, 1,579 data breaches occurred in the U.S., a 44% increase from 2016 and continues to be an issue.
"It is important for us to continue to work towards legislation that has parity for both financial institutions and merchants in order to mitigate these ongoing breaches which continue to expose millions of American consumers' personal financial information," said Wilson.
As a best practice, SeaComm encourages its members to monitor their accounts regularly and to report any suspicious activity directly to them through one of its multiple communication channels.
SeaComm is a member owned financial cooperative based in Massena with over 45,000 members and assets of more than $540 million. The credit union has branches in Massena, Potsdam, Malone, Canton, Ogdensburg and Plattsburgh.
Membership is open to anyone who lives, works or worships in St. Lawrence, Franklin, Clinton, Essex counties in NY, and Grand Isle, Franklin and Chittenden Counties in Vermont.