There is a lot happening lately in the financial sector to help stem the tide of constant data breaches. This week a financial industry coalition in the US is promoting a campaign called “Stop The Data Breaches” to encourage people to get their members of congress to pass The Data Security Act of 2015 (H.R. 2205 and S. 961).
The effort is backed by seven trade groups, including the American Bankers Association, the Consumer Bankers Association, the Credit Union National Association and the National Association of Federal Credit Unions (NAFCU). By running online and print ads, they are trying to get Congress to enact this important legislation that would protect consumer data.
A few weeks ago, on May 12, 2016, the Federal Deposit Insurance Corporation (FDIC) was in front of a Congressional Subcommittee to answer if Americans can trust the FDIC to protect their private banking information. One of the interesting outcomes was the FDIC announcing a new cyber security initiative after 5 more breaches. Part of this initiative is the implementation of Digital Rights Management technology to locate, recall and/or render data useless when appropriate. This new development should have a major impact on the financial sector who will follow suit if they have not implemented this type of data-centric and people-centric security approach already.