Senator Says Data Privacy, Security To Remain A Priority

WASHINGTON—"Data privacy and data security legislation will remain a priority in the 116th Congress," according to Senate Banking Committee Chairman Mike

Crapo

Mike Crapo

Crapo (R-ID).

In a post on his website, Crapo said, “In order to fully embrace the immense benefits that can result from technological innovation, we must ensure proper safeguards are in place and consumers are fully informed. In light of the hundreds of millions of consumer accounts affected by massive data breaches at corporate entities and government agencies, we cannot underestimate the intrinsic vulnerability in collecting and storing our personal financial information.”

Crapo said he intends to “further explore legislative solutions that would give consumers more control over and enhance the protection of consumer financial data, and ensure consumers are notified of breaches in a timely and consistent manner.”

Other Issues

Crapo added, “We should also examine what can be done to ensure financial regulators and private financial companies give adequate disclosure to citizens and consumers about what information is being collected about them and for what purposes, and what can be done to implement best practices to give citizens and consumers control over how financial regulators, private financial companies and non-affiliated third parties use consumer data.”

 

Section: Standard
Word Count: 281
Copyright Holder: CUToday.info
Copyright Year: 2019
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URL: http://www.cutoday.info/Fresh-Today/Senator-Says-Data-Privacy-Security-To-Remain-A-Priority