Recent high-profile retailer data breaches have reignited the long-running debate over consumer data security policy. Policy issues include what security and breach notification standards should apply to businesses and who should be responsible for covering costs of fraud that results from breaches.
ABA believes Congress should pass data security legislation that holds retailers and others to high, uniform, nationwide standards for safeguarding sensitive customer information. Banks have had such an obligation to protect their customer's sensitive financial information for years. ABA also is advocating that those responsible for data breaches should be responsible for their costs.