NAFCU’s Dan Berger Capitol Hill testimony on data security calls for greater retail accountability
A couple weeks ago, NAFCU President and CEO Dan Berger appeared before the House Small Business Committee on Capitol Hill to testify on behalf of credit unions on data security. Berger emphasized that retailers need to take a greater share of accountability when it comes to breaches, as financial institutions have taken the lion’s share to date — which has cost them millions of dollars that oftentimes get passed on to the consumer.
We invited Dan on the show to get his firsthand experience testifying before the Committee, focusing on a few of the items NAFCU would like to see addressed in a comprehensive data security bill:
— Payment of Breach Costs by Breached Entities
— National Standards for Safekeeping Information
— Data Security Policy Disclosure
— Disclosure of Breached Entity
— Enforcement of Prohibition on Data Retention
— Notification of the Account Servicer
— Burden of Proof in Data Breach Cases
