Congress is ratcheting up pressure on companies to notify consumers earlier when their personal information such as Social Security and bank account numbers is stolen in data breaches. After a hearing on breaches today, an aide to House Financial Services Committee Financial Institutions Subcommittee Chair Blaine Luetkemeyer said a “discussion draft” of legislation to set national standards should be out soon. Waters noted in other areas where Congress has pre-empted state authority there has been a race to the bottom for regulation. Manhattan Democrat Carolyn Maloney urged companies be required to notify consumers within 72 hours of a breach: the standard that will be in place in Europe in May. During the session U.S. PIRG Consumer Program Director Ed Mierzwinski tweeted he is betting any breach legislation coming out of the Financial Services Committee will serve companies, not people.

Source: Forbes February 14, 2018 18:11 UTC