As the Sony and Epsilon breaches show, privacy is now in the news media every day. And organizations need to be prepared to address the issue, says Trevor Hughes, executive director of the International Association of Privacy Professionals.
No one is really sure when the FFIEC's new authentication guidance will be issued, but we do know banking institutions can't afford to wait. Hence, our new FFIEC Authentication Guidance Resource Center.
"Overall, this draft is not balanced," Rep. Henry Waxman, D-Calif., said at a hearing on the measure "It gives businesses too many protections and consumers not enough. It preempts strong state laws and replaces them with a weak federal one."
Breaches will not slow anytime soon, and there's not much financial institutions and the payments chain can do to stop them. At this point, the best course of action for banks and retailers is to focus on damage control.
The legislation sponsored by Senate Judiciary Chairman Patrick Leahy would nationalize data breach notification and stiffen penalties for those who fail to notify law enforcement and individuals of a data breach.
Revelations that Google's Gmail and Sony Pictures were both targeted by hackers highlights growing concerns about cybersecurity and the sophistication - and frequency - of attacks, as well as how to keep the public informed about such incidents.
"Just securing the data is no longer enough," says Trevor Hughes, head of the International Association of Privacy Professionals. 'Privacy professionals, in addition, need to prepare for what happens when things go wrong."
Organizations looking to improve their privacy management in the event of a breach "have to continually plan and prepare," says Nationwide's Chief Privacy Officer Kirk Herath. That means putting into writing a comprehensive plan.