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Data Security

On Monday, June 26, 2006, Sen. Tom Carper (D-Del.) and Sen. Bob Bennett (R-Utah), members of the Senate Banking Committee, introduced legislation to help protect individuals and businesses from the rampant crimes of identity theft and account fraud.

The Data Security Act of 2006 is modeled after the data security and security breach response regime established under the Gramm-Leach-Bliley Act of 1999 (GLB) and subsequent regulations. The new bill requires that all entities, not just financial institutions, safeguard sensitive information and notify consumers when information is breached in a way that could lead to identity theft or account fraud.

The Bennett-Carper legislation creates a uniform national standard to safeguard sensitive information and provide consumer notification of security breaches.  It also models enforcement provisions after the GLB blueprint so federal and state regulators who oversee financial institutions, and other entities that have this information, are equipped with the tools to enforce these protections against data security breaches and help consumers mitigate the problems that result.

Key points of The Data Security Act of 2006 include:

  • Creates a Uniform National Standard
  • Includes Risk-based Trigger for Consumer Notification of Data Breach
  • Ensures State and Federal Functional Regulators Have Right to Enforce Requirements of Data Security Breach

The bill will be referred to the Senate Banking Committee where it will be the subject of hearings.

Adobe Acrobat File Icon Data Security Act of 2006
Adobe Acrobat File Icon Data Security FAQ's
Adobe Acrobat File Icon Data Security Summary
Adobe Acrobat File Icon Data Security Press Relase
 

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