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Business/Financial

Banking, Retail Associations Seek Legislation To Clarify Data Breach Reporting Standards

By Matthew Beinart

Friday, January 5th, 2018

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Banking, Retail Associations Seek Legislation To Clarify Data Breach Reporting Standards

iStock Cyber Lock

Following massive consumer data breaches in 2017, such as the November Equifax [EFX] hack, banking and retail associations are urging Congress to pursue legislation to standardize cyber attack response protocols. In a Thursday letter to House Energy & Commerce Committee Rep. Greg Walden (R-Ore.) and Subcommittee on Digital Commerce and Consumer Protection Chairman Bob Latta (R-Ohio), 22 trade groups called for clarification on how banks and companies holding mass quantities of personal customer data must improve disclosure of data breaches.“We support…

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