The high-profile data breaches in recent months not only left millions of consumers vulnerable to the threat of identity theft and caused businesses to incur significant costs, but it also brought data security to the top of the agenda in Washington. In Congress, members of both the House and the Senate have used the recent data breaches to demonstrate the need for a uniform national data breach notification standard and increased data security standards for companies that collect consumer information. Hearings have been held on the issue and it is expected that legislation will be introduced this summer.
At the same time, the Obama Administration continues to call for greater data security standards. The White House released its highly anticipated cybersecurity initiative in May. In addition to implementing a national data breach notification law, the proposal would require certain private companies to develop detailed plans to safeguard consumer data.
As legislation develops and advances through multiple Congressional committees, Experian will be working with allies and coalitions to ensure that the data security standards established under the Gramm-Leach-Bliley Act and the Fair Credit Reporting Act are not superseded with new, onerous and potentially ineffective mandates.
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