Welcome to the Future!
Which agency is issuing fines for lacking data security policies? The Securities and Exchange Commission.
Why is the SEC fining a company? Two reasons:
In the political hot spot that is Denton County, Congressman Burgess noted the importance of bringing all stakeholders together on data security legislation by saying,
“I wanted to take an opportunity to hear from people who are working in the research area and the private sector and pull everyone together in a room for the morning and hear what the state of the industry is, and where they thought we might do things to improve it,” said Burgess, R-Lewisville.
Target has reached another tentative $67 million settlement with VISA over its 2013 data breach & is in ongoing negotiations with Mastercard.
Community banks and credit unions estimate they spent $350Million to re-issue cards after the data breach.
Target still faces a class action lawsuit from consumers.
In an effort to protect data, large financial entities, like credit card companies, are looking to collecting facial recognition software to further protect their and your financial data.
Storing biometric information along side financial information at one company seems like that company is putting put a neon sign that reads, “Hacker Dreams Come True Here.”
Small businesses are not pleased with a data security proposal by House Financial Institutions and Consumer Credit Subcommittee Chairman Randy Neugebauer(R-Texas) and fellow Financial Services Committee member Rep. John Carney (D-Del.).
National Retailers Federation response: “Congress should take concrete steps to make sure the credit card cartel finally does the right thing and makes its cards secure.”
Posted inbanking, legislative trend, retail data breach
Retailers scuttled the $19 million settlement with mastercard issuers over the Target data breach. This keeps Mastercard in the class action lawsuit. The SEC is mulling over requiring disclosures by publicly traded companies concerning data security and data breaches. This should come at no suprise as in 2011, the Corporate Fiannce Division issued guidance on disclosing data security and data breaches in CF Disclosure Guidance: Topic No. 2, Cybersecurity, Oct. 13, 2011. What’s the SEC considering risk factors that need to be disclosed?Retailers Block Data Breach Settlement
The 5 Federal Data Breach Bills Circling
New SEC Rules on Cyber and Data Security Forthcoming