- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
the Financial Services Roundtable, a trade group for the nation’s largest banks, is calling upon Congress to “enact a strong set of national data security standards” in efforts to better protect consumers and sensitive financial information.
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Banks, credit card companies and other financial mainstays will be required to comply with new data privacy and retail account portability regulations under a sweeping rule issued Tuesday by the Consumer Financial Protection Bureau.
The case of the Uber chief security officer found guilty by a jury on two felonies for covering up a data breach and misleading federal regulators opens up another potential individual liability issue executives handling cyber incidents face, according to legal experts.
The Federal Trade Commission is seeking comment on potential rules that would penalize companies that suffer data breaches due to lax cybersecurity protocols and punish firms that engage in abusive commercial surveillance practices.
