NYCUA to pursue state law on data security

Eric Reinhardt reports that the board of directors of the Albany–based New York Credit Union Association (NYCUA) has approved its 2019 state legislative priorities.  And one of those priorities is data security.

NYCUA says it would like to see legislation that would require all entities that handle consumer information to comply with comprehensive data-security standards and hold retailers accountable for the costs of data breaches if they fail to meet state cybersecurity standards.

Noting that under the current system,  the card issuer has 100% responsibility and credit unions can’t even tell members that a breach was the retailer’s fault,  a spokesperson for NYCUA said:

“Let’s hold whoever is accountable for the breach to be financially responsible to rectify the breach,” says Mellin.

Sounds reasonable, but I expect violent resistance to the proposal.

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