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August 1, 2018

U.S. Treasury Calls for National Data Breach Standard

In a series of recommendations on financial technology regulation, the U.S. Treasury Department called on Congress to create a national standard on data breach notifications, POLITICO reports.

The Treasury asked Congress to “enact a federal data security and breach notification law” to “create a clear and consistent environment for innovators and existing financial institutions.” According to American Banker, only 13 states have data security standards. This reality has created a state-by-state patchwork of rules regulating how companies have to report any data breaches.

Last year, the U.S. Chamber Institute for Legal Reform released a research paper detailing the state of data breach regulation and litigation, and policies that could create a more balanced environment.

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