CSBS Supports Congressional Oversight on Data Breaches
Washington, DC -- Congress has an important role to perform in ensuring that consumer data is protected in financial transactions, says the Conference of State Bank Supervisors (CSBS).
John Ryan, CSBS president and CEO: “We are pleased that Chairmen Cummings and Krishnamoorthi are holding congressional hearings on data breach protections and demonstrating their leadership in forcing action to protect consumers. State regulators already have taken up this challenge and look forward to supporting the chairmen and other Members of Congress in ensuring a safe and sound financial system for the United States.”
In a formal statement to the House Oversight Subcommittee on Economic and Consumer Policy, Ryan noted that in June 2018 eight state financial regulators entered into a consent order with Equifax, who mishandled the personal data of almost 150 million consumers. States represented: Alabama, California, Georgia, Maine, Massachusetts, New York, North Carolina and Texas.
The consent order arose from a joint examination these regulators performed of the company, and it addresses serious deficiencies in the company’s cybersecurity program.
In the order that applies to Equifax operations nationwide, Equifax agreed to dramatically improve how it protects personally identifiable information. The company is undertaking a plan to restructure risk management processes, strengthen internal controls, and enhance oversight by the Board of Directors.
Compliance with the consent order is subject to the regulators’ approval, and regulators have the right to bring further action.
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