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October 12, 2005 at 08:00 PM
A new House bill could establish national data security standards for financial services firms.[@@]
Rep. Deborah Pryce, R-Ohio, the lead sponsor of the bill, H.R. 3375, says the bill would try to get around traditional limits on the federal government’s role in insurance regulation by requiring state insurance regulators to enforce federal standards for insurance companies.
Sections of the bill would create standards for safeguarding sensitive consumer information, fighting identity theft, and establishing a uniform standard for notifying consumers of data breaches.
One key provision would require institutions to notify consumers about breaches and give affected consumers 6 months of free access to a nationwide credit monitoring service.
