Senators Eye Legislative Action for Data Breaches

Top Senators on the Senate Banking Committee have asked stakeholders to provide information on breaches so they can consider legislative action; “Given the exponential growth and use of data, and corresponding data breaches, it is worth examining how the Fair Credit Reporting Act should work in a digital economy,” Chairman Mike Crapo, R-Idaho said in a press release according to American Banker; the senators are also going to look at how companies, in particular private companies, disclose breaches; there has been a significant number of breaches in recent years that has exposed data for hundreds of millions of people. Source.