In response to news that the Senate Banking panel kicks off talks on data security bill, an expert with OneSpan offers perspective:
Michael Magrath, Director of Global Regulations & Standards, OneSpan says: "It is good news that the Senate Banking Committee is beginning discussions around data collection and security standards. However, toughened data collection & security standards cannot be confined to banking and financial services; Congress is in the early stages of research required to address consumer privacy and security. I expect that several committees will be following similar a similar path. It remains to be seen if the U.S. enacts a GDPR-like comprehensive privacy and data protection law. Although the Equifax breach served as the catalyst for congressional investigations and hearings, front page scandals involving Facebook and Cambridge Analytica are also driving the need.
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