Dec. 30, 2013
U.S. Senator Mark R. Warner (D-VA) is requesting a hearing by the Senate Banking Committee to examine whether companies and financial service providers are taking all actions necessary to safeguard consumer data, and whether stronger industry-wide cybersecurity standards are needed.
Senators Warner and Robert Menendez (D-NJ) wrote to the chairman of the Banking Committee on Monday following recent reports that a data breach may have affected around 40 million Target customers.
Their letter to the Senate Banking Committee chairman reads in part:
"As companies collect, store, and process ever-greater quantities of consumer data, they—and our regulators—must become even more vigilant against breaches and improper use.
"We believe it would be valuable for the Committee to examine whether market participants are taking all appropriate actions to safeguard consumer data and protect against fraud, identity theft, and other harmful consequences, and whether we need stronger industry-wide cybersecurity standards."
Just days before Christmas, Target announced that a data breach occurred between Nov. 27 and Dec. 15, affecting about 40 million credit and debit card accounts, compromising customers' names, card information and security codes. Target has yet to disclose how the hackers penetrated its data security.
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