Tim Pawlenty, CEO of the Financial Services Roundtable, told House lawmakers Thursday the U.S. needs data security requirements similar to those used by banks to manage data breach notifications.
In written remarks, Pawlenty told the House Committee on Financial Services the Data Security Act of 2015 works to support efforts to protect consumers from the growing number of data breach incidents.
He noted that the financial services industry is a common target of attack even as payment technology continues to advance.
“Effective defense strategies will require prevention across the entire interconnected payments system, not just one area or element of that system,” he said.
According to Pawlenty, the U.S. needs legislation on “bank-like” flexible data security standards that are adaptable to changing technologies and to organizations of any size.
The Data Security Act of 2015 addresses this concern and provides the needed consumer protection measures, including a “common-sense” data breach notification process, he added.