March 21, 2014

2 data security hearings in Senate

March 24, 2014 – Both the Senate Committee on Commerce, Science and Transportation and the Committee on Homeland Security and Governmental Affairs will hold hearings this week on cybersecurity risks.

The Homeland Security Committee will hold a hearing titled "Strengthening Public-Private Partnerships to Reduce Cyber Risks to Our National's Critical Infrastructure" on Wednesday morning, featuring testimony from witnesses representing the Department of Homeland Security, the Department of Commerce, the Government Accountability Office and the Department of Technology and Information, among others.

That afternoon, the Senate Commerce Committee will focus on consumers in a hearing titled "Protecting Personal Consumer Information from Cyber Attacks and Data Breaches." The testimony will relate to such massive data security breaches as the recent attacks on Target Corporation and Neiman Marcus, and the committee will discuss the data security bills currently pending that would establish federal standards.

NAFCU was the first financial services trade organization to push for national standards for retailers following the Target breach, and it has continued to put pressure on Congress for a response as the news of significant data breaches affecting consumers continues to emerge.

Also this week, the House Financial Services Committee will hear from Treasury Secretary Jack Lew on the state of the international financial system.