All who collect and store personally identifiable and financial data should be held to the same data security standards, NAFCU President/CEO Dan Berger told the House Small Business Committee Wednesday morning.
In his testimony on a panel that included witnesses from Intel Corporation, the National Small Business Association and the National Cybersecurity Institute, Berger cited the 1999 Gramm-Leach-Bliley Act, which required credit unions to maintain data security standards. Regulations implemented from the law have successfully limited data breaches among financial institutions, he said.
Berger said in his written testimony NAFCU supports modernizing data security laws to reflect the complexity of the current payments environment, and added that retailers and merchants must adhere to a strong federal standard.
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