Carney, Neugebauer Introduce Data Breach Bill in House
Reps. Randy Neugebauer, R-Texas, and John Carney, D-Del., introduced the Data Security Act (HR-2205) Friday. The bill would establish a national data security and breach notification standard for financial institutions and retailers to better protect consumer financial data, a Neugebauer…
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news release said. “Immense amounts of sensitive consumer financial information are transferred, processed and stored in any one transaction,” Neugebauer said, fueling economic growth as well as new threats. “Recently, we have seen an increased prevalence of major cyber breaches resulting in consequences for millions of individuals in families,” he said. This legislation has three guiding principles: that a national standard be technology neutral and process specific; all participants in the payment system must equally share efforts to protect consumer financial data; and the standards must not place unnecessary burdens on small businesses, Neugebauer said. “Consumers need to know that when they use their credit card to make a purchase, their personal information is secure,” Carney said. “We can’t afford to wait for another massive data breach to occur.”