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Lawmakers wants to know what financial institutions are doing to keep financial data secure. This applies to state and federal lawmakers.
National press focuses on federal lawmakers. So, here we go: Sen. Warren and Rep. Cummings want to know which banks have experienced cyber attacks. They claim 500 million records have been hacked from financial institutions in the last year, and they want solutions to fix it.
We all know this will first get fixed on the state level, like…
New York is home to WallStreet. Naturally the New York Department of Financial Services would include new exmaination requirements that focus on data security. Exmainations will now include:
Winter 2013 brought a large data breach for Target. Various lawsuits ensued. Financial institutions sued. Individuals sued.
Target had sought to dismiss the suit brought by 5 financial institutions. The judge said, “NO,” in one of the first rulings of its kind allowing financial institutions to sue retailers for data breaches.
Judge Magnuson also said, “imposing a duty on Target in this case will aid Minnesota’s policy of punishing companies that do not secure consumers’ c…
Legislation predictions from Bankers:
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Winter 2013 brought a large data breach for Target. Various lawsuits ensued. Financial institutions sued. Individuals sued.
Target had sought to dismiss the suit brought by 5 financial institutions. The judge said no.
Judge Magnuson also said, “imposing a duty on Target in this case will aid Minnesota’s policy of punishing companies that do not secure consumers’ credit- and debit-card information.” [
Posted inbanking, data privacy, legal trend, legislative trend, retail data breach
Data breaches don’t only affect retail establishments and customers, banks and credit unions are also affected. Each data breach requires new credit and debit cards to be printed and mailed, and for fraudulent charges to be covered. This comes at a hefty cost to financial institutions. The “
Posted inbanking, legislative trend, retail data breach
Lots of nobel bills become studies and reports when the opposition is vocal. For the last years, the Attorney General of California has released data breach reports. In 2013, there were 167 breaches reported to the California Attorney General, exposing data of 18.5 Million Californians. The California Attorney General also makes the following recommendations: For the health care industry: – Use strong encryption to protect medical info… News reports allege that Staples had a data breach. There’s a long list of retailers that have endured a data breach. Forbes discusses the role personal repsonsibility has in data breach corrections. Legislating personal responsibility is challenging. The modus operandi of the Legislature is putting into place new regulations on retailers, banks and/or creating new civil or criminal penalties. [Forbes]<... The FBI is sharing frightening information. 500 Million financial records have been hacked. Can you hear all those bills being written? Legisaltor comments write themselves: FBI statistics indicate that 500 million financial records have been hacked. These vicitms deserve justice for the invasion in their privacy. This bill will give the vicitims of hacking justice…. What remains to be seen is whether these bills will go after the hackers? after the financial institutions… All federal debit and credit cards will require PIN and chip technology. President Obama required the data security measures by issuing an executive order. The Order is heralded by the National Retailers Federation. [Roll Call]
Posted in2015 legislation, banking, data encryption, data privacy, legal trend, legislative trend, retail data breach
Cost to Financial Institutions for Data Breaches
State Data Breach Reporting- Example California
Data Breach: Staples
500 Million Financial Records Hacked Says the FBI
Executive Action on Data Security. Next Step Executive Action in Texas.