Data breach parties could be named and shamed
17 Feb 2006
The US may be in line for new legislation which asks that credit card companies name any parties responsible for breaches in the security of customer data.
This move will be considered by Barney Frank, senior democrat on the house financial services committee, who told the chief executives of Visa and Mastercard that the source of any data seepage should either make themselves known to the customers in question or be exposed in public.
Outlining his wishes, he said in a letter: "If this can not be done legally at present, I feel make strongly enough on this point to make legislative changes to make this a requirement."
This comes in the wake of Visa USA's recent revelation that a breach of customer security on the part of one of its US merchants may have put some customers' credit card details at risk of exposure.
As a result, several banks – such as the Bank of America and Washington Mutual – were forced to block and re-issue a large number of cards, but the nature of the breach and the retailer involved have not been revealed.
© Adfero Ltd
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