Bankers Look to Senate as Cyber Bills Clear House (Again)

April 23, 2015 – In The News
American Banker

Scott L. Vernick was quoted in the American Banker article, “Bankers Look to Senate as Cyber Bills Clear House (Again).” Full text can be found in the April 23, 2015, issue, but a synopsis is below.

The House approved two bills this week that will enable greater information sharing between organizations and the government about cyber threats. The two bills seek to provide liability protections to companies for at least some of the data they provide, but differ on how the information would be shared and privacy rights upheld.

With the House approving the Protecting Cyber Networks Act and the National Cybersecurity Protection Advancement Act, all eyes are now on the Senate to see if the legislation can finally be enacted.

With data breaches dominating headlines – for retailers, health care providers and others – there could be some momentum for the move to get the legislation enacted.

"The Anthem and Premera breaches are potentially much more devastating than a Target breach, because payment information has a shelf life and fraud is reversible and you can change your credit card," said Scott Vernick, a noted privacy attorney. "It's much more difficult to change your social security number or health information – the financial consequences are potentially much more devastating."

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