What Should Credit Unions Expect From a Renewed Federal Focus on Cybersecurity?

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An incoming president always faces new challenges, but arguably no administration has faced a more complex environment than that in which the Biden team currently finds itself. Chief among these, of course, is COVID-19, but the pandemic is far from the only pressing issue the administration must navigate. Cybersecurity has also become an increasingly critical federal priority, due in a large part to the recent SolarWinds attack. Thus far, the breach has impacted up to 18,000 organizations – including government agencies and financial services firms – and it’s possible that more affected companies will be discovered in the coming months.

The Biden Administration has pledged to make the SolarWinds investigation a priority. In addition, it plans to invest in infrastructure, personnel and partnerships to improve cybersecurity and help provide guidance to organizations navigating the industry’s myriad challenges. As a recent article from Brookings put it, “… the Biden Administration is likely to make a point of a multifaceted, well-funded and strategic approach to cybersecurity threats that are only becoming more complex and far-reaching. Many top priorities for the Biden Administration – infrastructure, international trade, pandemic response, broadband deployment, election integrity – will depend on it.”