ABSTRACT

Data Security: Examining Efforts to Protect Americans' Financial Information, Hearing Before the Subcommittee on Financial Institutions and Consumer Credit of the Committee on Financial Services, U.S. House of Representatives, One Hundred Thirteenth Congress, Second Session, March 5, 2014   [open pdf - 5MB]

This is the March 5, 2014 hearing, "Data Security: Examining Efforts to Protect Americans' Financial Information," before the Subcommittee on Financial Institutions and Consumer Credit of the Committee on Financial Services, U.S. House of Representatives. From the Opening Statement of Chairman Shelley Capito: "Over the last 6 months, we have learned about a series of breaches of American businesses' data--millions and millions have had their personal data compromised. We will not know the true extent of the impact on American consumers until investigators from Federal agencies and private entities are done with the investigation. These breaches raise, I believe, really legitimate questions about the storage and usage of personal data by private industry. The prosperous have long sought access to this type of information, but the recent breaches demonstrated an evolving sophistication of attacks that seek to exploit and confuse consumers. As we have learned in previous subcommittee hearings, these criminals often reside in nations that fail to cooperate with United States law enforcement agencies. In some cases, these nations not only protect these criminals from prosecution but they celebrate them as heros [sic]. The data these criminals steal is often sold on the black market and can potentially be used for fraudulent purposes. While possibilities for such fraudulent charges may be the source of stress and frustration for consumers, many payment networks have zero fraud policies to protect consumers from fraudulent transactions." Statements, letters, and materials submitted for the record include those of the following: David Fortney, Gregory Garcia, Troy Leach, Edmund Mierzwinski, William Noonan, and Larry Zelvin.

Report Number:
Serial No. 113-68
Publisher:
Date:
2014
Copyright:
Public Domain
Retrieved From:
Government Printing Office: http://www.gpo.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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