Following news last week of a massive hack affecting an estimated 500 million Yahoo customers, all three FTC commissioners today voiced their support for a federal-level law that would set notification requirements after consumer data breaches.
“Data security is one of the most significant issues we face as a nation,” said FTC Chairwoman Edith Ramirez, testifying at a Senate Commerce Committee hearing. “I think Congress needs to take action in this area… I am in favor of legislation and believe it’s something that ought to happen.” She recommended a 30-to-60-day timeframe for companies to be required to inform their customers about a data breach.
ABA’s Agenda for America’s Hometown Banks calls for laws that ensure all parties share the same standards and accountability for protecting customer information, and for notifying the public after a breach. ABA supports bipartisan legislation to require those standards.
