ICBA called on Congress to extend Gramm-Leach-Bliley Act data security standards to retailers, technology companies, and other parties that process or store consumer financial data.
Testimony: Appearing at a House Financial Services subcommittee hearing, Bank of Idaho President and CEO Jeff Newgard said extending the banking industry’s strict security standards to all participants in the payments system will help prevent security breaches.
More: Newgard, who chairs ICBA’s Cyber and Data Security Committee, also called on policymakers to:
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Harmonize regulatory standards.
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Ensure supervision of core processors and other third-party providers.
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Enhance credit reporting agency oversight.
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Institute a national data security breach and notification standard.
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Require the costs of data breaches to be borne by the party that incurs the breach.