New Data Security Act: Strengthening Protection Standards for Data

A bill introduced yesterday by Sen. Bob Bennett (R-Utah) and Sen. Tom Carper (D-Del.) both of whom serve on the Senate Banking Committee, joins a growing list of data security measures now pending before Congress. The proposed Data Security Act of 2006 seeks to create a national data protection and breach notification standard.

"This bill would require all financial institutions, retailers and government agencies to maintain strong internal safety protections for the data they hold," Carper said in a statement. It would also require them to "quickly investigate" security breaches and to notify law enforcement, regulators and customers when there is a real risk of harm, he said.

The proposed bill would expand the reach of current laws that require only financial institutions to protect the security and confidentiality of customer information, Bennett said in a separate statement.

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