US Treasury wants national data breach notification standard

A US Treasury report has identified improvements that support non-bank financial institutions, innovation, and financial technology, with the main talking point being the creation of a national data breach notification standard.

The US Treasury is asking financial technology organizations to efficiently and responsibly manage consumers’ financial data and competitive technologies, and change their security in order to protect consumers. This is specifically centered around consumer data and what happens when a data breach occurs under the proposed national data breach notification standard.

The report also highlights the longstanding conflict between banks and consumer data aggregators. Banks have traditionally restricted aggregators’ access as they believe it poses a cybersecurity risk, but aggregators claim that some banks are more concerned about competition for customers.

The 80 recommendations in the report intend to:

  • “Embrace the efficient and responsible use of consumer financial data and competitive technologies;
  • Streamline the regulatory environment to foster innovation and avoid fragmentation;
  • Modernize regulations for an array of financial products and activities”

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*** This is a Security Bloggers Network syndicated blog from Vigilant Software Blog authored by Ingrid Then-Guiraut. Read the original post at: https://www.vigilantsoftware.co.uk/blog/us-treasury-wants-national-data-breach-notification-standard/