Breaches Spark Call for Congress to Act

In light of recent high-profile retail breaches, including those at Target and Neiman Marcus, The Financial Services Roundtable is asking Congress to take action. For example, it’s calling for passage of a national data breach notification law as well as legislation to expand oversight of the retail and telecommunications sectors.

“The recent breaches of retailer data systems are a grave reminder of the need for robust and proper cyberprotections,” says Tim Pawlenty, president and CEO of The Financial Services Roundtable, in a Jan. 27 letter to Congress. The roundtable is an advocacy organization for the U.S. financial services industry.

Cybersecurity improvements are needed in the retail sector as well as the telecommunications industry, “where measures to prevent cyber-attacks, such as the filtering of malicious software and the disconnection of botnet participants, could significantly influence the protection of businesses, consumers and the economy,” Pawlenty says.