Visa CEO calls for data protection laws, incentives
Grant Gross writes in InfoWorld:
Visa USA Inc., the giant credit card company, is exploring ways to reward businesses that enhance their security practices to protect against credit card fraud and online scams, the company's chief executive officer (CEO) said Wednesday.
Visa supports legislation introduced in the U.S. Congress that would require businesses to notify affected customers after certain data breaches, as well as legislation that would require businesses that store personal information to comply with security standards, said John Coghlan, appointed president and CEO of Visa USA in July.
Businesses should be required to notify customers of data breaches based on an "analysis of the real danger" of customers being harmed, Coghlan said during a cardholder security summit in Washington, D.C., sponsored by Visa USA. Some members of Congress have pushed for customers be notified after all data breaches, not only when there's a large danger of identity theft or credit card fraud.
Coghlan also called for new laws that would increase penalties for credit card and data fraud. Visa supports a bill under consideration in Congress that would add two years in jail to existing penalties for criminals convicted of identity theft or computer fraud, he said.
posted by Fergie @ 10/05/2005 03:11:00 PM
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