Financial services groups ask Congress to pursue new data breach rules

Last week, two top Democrats, Sens. Mark Warner, D-Virginia, and Elizabeth Warren, D-Mass., called for increased governmental oversight over credit reporting agencies and stiff penalties for those agencies should they fail to protect consumers’ personal information.

But credit reporting agencies are far from the only companies that house consumers’ data.

Banks, credit unions, insurance companies, title insurers, and other companies are also tasked with safeguarding the information they possess.

And now, the trade groups that represent many of those companies are also asking for the government to enact new data security rules.

In a letter sent earlier this month to House Energy and Commerce Committee Chairman Rep. Greg Walden, R-Oregon, and Rep. Bob Latta, R-Ohio, the chairman of the House Energy and Commerce Subcommittee on Digital Commerce and Consumer Protection, a collection of 22 trade groups say that they support new data security legislation because their member companies take data security “very seriously.”

The groups also lay out their vision for how that data security legislation should look.

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