Recent cyberattacks on payment systems at Target Corp. and other U.S. retailers show that U.S. laws designed to protect consumer data need updating, lawmakers said at the first of three congressional hearings on the matter.

Senate Banking Committee members yesterday called for requiring retailers to participate in a national data-breach notification system and granting wider authority for the Federal Trade Commission to investigate incidents. Senator Mark Kirk, an Illinois Republican, said he would introduce a bill to set a minimum 25-year sentence for violations of federal data-theft laws.

"This is a real problem that the FTC's enforcement authority in this area is so limited," Senator Elizabeth Warren, a Massachusetts Democrat, said of the agency's role in data-breach cases. "Data-security problems aren't going away on their own so Congress really needs to consider whether to strengthen the FTC's hand."

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
  • Informative weekly newsletter featuring news, analysis, real-world case studies, and other critical content
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.