Data Security - Complexity, Cost and Potential Legislation

Overview

Currently, there is no uniform standard for data security - either voluntary or mandated by the federal government. However, the large number of bills introduced in recent Congresses suggests that the House and the Senate are no longer looking the other way. With the significant possibility of legislative changes establishing a whole new series of compliance requirements, there is a strong case for the financial services industry to create one on its own. As businesses grapple with the issues of data security and identity theft, the financial services industry has developed a number of standards and certifications in its attempts to ensure compliance with existing federal guidelines for the storage and sharing of consumer information.