U.S. Rep. Luetkemeyer Proposes Data Breach Notification Standards
The Missouri congressman is continuing his focus on cybersecurity legislation with a new bill to require federal standards for financial institutions reporting data breaches. The House Financial Services Committee will discuss the legislation Thursday.
9/11/2018 11:30 AM
Data breach notification standards, one of the cybersecurity issues on Congress’ radar during the 2018 session, resurfaced in legislation proposed by U.S. Rep. Blaine Luetkemeyer, R-Mo., Sept. 7.
Luetkemeyer, the sponsor of past legislation on the subject, now has introduced the Consumer Information Notification Requirement Act, (H.R. 6743) “to amend the Gramm-Leach-Bliley Act to provide a national standard for financial institution data security and breach notification on behalf of all consumers, and for other purposes,” according to a news release.
“Data security is a challenging and constantly evolving issue, but consumers across the nation need a robust federal data security standard. I have been working with my colleagues on the Financial Services Committee to affirm national data security and notification standards apply to all financial institutions,” Luetkemeyer, chairman of the House Subcommittee on on Financial Institutions and Consumer Credit, said in a news release. “My bill, the Consumer Information Notification Requirement Act, enhances the Gramm-Leach-Bliley Act, ensuring customers of financial firms are protected and informed in the event of a breach. The American people deserve better data security standards, and my bill will give financial institution customers the peace of mind they need.”
The House Financial Services Committee will meet Thursday for a committee markup including Luetkemeyer’s legislation. ACA International is reviewing the legislation for potential impact on the accounts receivable management industry.
In addition to legislative efforts, attention to data security issues is increasing at federal agencies.
One year has passed since the large data breach occurred at Equifax, while the Government Accountability Office (GAO) recently studied security of technology systems at federal agencies in possession of sensitive data.
In the report, the GAO found four significant cyber security challenges and 10 “critical” actions for the federal government and other entities to take to address the problems.
For example, critical actions include ensuring the security of emerging technologies and addressing cybersecurity workforce management challenges, according to the report.
Since 2010, the GAO has issues more than 3,000 recommendations to agencies to address cybersecurity deficiencies. As of August 2018, about 1,000 needed to be completed.
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