INTERIM. Retailers v. Financial Institutions. Data Security Legislation Cage Fight. 4 Key Points Informed Intel

Retailers and Financial Institutions are like the Hatfields & the McCoys when it comes to federal data security legislation.  

Here’s what you need to know when this fight comes to your state legislature:

  • Fairness.  Retailers think it unfair to hold retialers to the financial institution standards for customer notification upon a data breach.
  • Impact Beyond Small Businesses. The impact of imposing financial institution standards on businesses will impact businesses large and small that operate in the retail sector and all other ecnomc sectors.
  • Agreement: Federal Laws are better than state laws. They agree that uniform federal laws that preempt state laws would be preferred for data security.
  • Consumer Protections v. Overzealous Regulators. Priority of Democrats is  strong consumner protections, while Republicans are concerned about overzealous federal regulators.

The Hill | Retailers battle financial sector over data breach legislation