Last week U.S. House Small Business Committee held the second part of a hearing entitled “The EMV Deadline and What it Means for Small Businesses,” which was supposed to address payment security in the United States. Instead of providing Congress with useful information about how to help small businesses protect consumer data, large national retail associations used the hearing to … Read More
Retailers Must Adjust to Fraud’s Faster Pace
In today’s fast-paced, digital age, when smartphones are “outdated” six months after they’re released, nothing stays the same for long, and that includes payments fraud. Fraudsters have been busy adopting new techniques and adapting old ones to take advantage of weaknesses in payments systems. Credit cards and debit cards have become especially vulnerable. While checks remained the top payments vehicle … Read More
Retailers need real data security to combat wave of cyberattacks
With data breaches continuing to happen left and right, we need a bill that would establish a national data security standard. Thankfully, that’s exactly what Reps. Randy Neugebauer (R-Texas) and John Carney’s (D-Del.) legislation, the House Data Security Act of 2015, would do. H.R. 2205 would require all entities that deal with consumers’ personal information to develop and maintain an … Read More
Maine Senators: Massive Data Breach Highlights Cyber-Security Weaknesses
WASHINGTON – Maine’s two U.S. senators are calling for strong cyber-security legislation in the wake of the latest data breach affecting at least four million federal workers. But at least one Internet technology expert says that, even if lawmakers decide to take action, preventing a cyber attack is easier said than done. Republican Sen. Susan Collins and independent Sen. Angus … Read More
Letter to Congress Re: the Data Security Act of 2015
The Data Security Act of 2015 (H.R. 2205 and S. 961, introduced by Financial Institutions Subcommittee Chairman Randy Neugebauer (R-TX) and Representative John Carney (D-DE), and Senators Tom Carper (D-DE) and Roy Blunt (R-MO), respectively) would ensure that all entities that handle sensitive financial and personal information have common-sense safeguards and processes in place to protect data and provide notice … Read More
Sally Beauty Investigating Second Possible Breach
The Hill – Sally Beauty is investigating a possible data breach after a wave of “unusual” payment activity at some of its U.S. stores, the company said Monday. The probe comes one year after Sally Beauty confirmed it experienced a data breach that experts later said impacted nearly all of the company’s 2,600-plus U.S. locations. The first breach was confirmed after … Read More
Retailers Pressed to Protect Consumers From Data Breaches
Data security continues to be a struggle for major retailers. Surprisingly, there are still few federal regulations for them to follow if they’re hacked. Without such rules, damage will most likely increase from high-profile breaches such as those that hit Target and Home Depot in the past year or so. This isn’t to say that the government isn’t trying to … Read More
1 Billion Data Records Stolen in 2014, Says Gemalto
Data breaches increased 49% with almost 1 billion data records compromised in 1,500 attacks in 2014 – a 78% increase in the number of data records either lost or stolen in 2013, a new report by digital security firm Gemalto. The Netherlands-based firm said about 575 million records were compromised in 2013. Identity theft was by far the largest type … Read More
What President Obama’s Proposed Cyber Safeguards Mean for You
ABC News – Following recent high-profile hack attacks on U.S. companies, President Obama wants new protections for American consumers. On a visit to the Federal Trade Commission, Obama unveiled several pieces of proposed legislation he said will boost cyber-security, improve consumer privacy and prevent identity theft. The measures are expected to be included in his State of the Union address … Read More
What Obama’s Latest Cybersecurity Push Means for Banks
American Banker — A new push by President Obama to tighten cybersecurity at banks and other businesses could help light a fire under some firms that have historically been slower to react in the wake of a data breach and help financial institutions dealing with a tangle of confusing state laws. The president teed up several new initiatives on Monday, … Read More