CardSystems to Congress: We Face 'Imminent Extinction'
Caron Carlson writes in CIO Insight:
Despite a steady stream of reported data thefts this year—most recently by CardSystems Solutions Inc.—members of Congress are unable to agree on how to combat the growing threat to consumer privacy.
The roster of divergent potential solutions grew again Thursday.
"We need to do everything possible to ensure that our personal information remains privileged and protected when we make any financial transaction," said Rep. Sue Kelley, R-N.Y., chairwoman of the financial services committee's Subcommittee on Oversight and Investigation, which held a hearing Thursday to examine the CardSystems incident.
But some members remain reluctant to impose any new regulations at all, contending that the marketplace will compel security improvements.
"Government intervention may hurt," said Rep. Patrick McHenry, R-N.C. "If the marketplace is going to deal with this, let's monitor it, let's watch it."
posted by Fergie @ 7/21/2005 06:03:00 PM
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