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Big Breaches Build Momentum for Federal Data Protection Law

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Insurance Networking News
June 22, 2011

According to a report in the Insurance Networking News, recent data breaches are building momentum for a national standard for breach notification. The report states that during a recent Senate Banking Committee meeting, financial services representatives spoke in support of an Obama Administration plan to "combine a patchwork of 47 state laws on the issue into a federal standard." In addition, Senate Banking Committee Chairman Tom Johnson is reported to have said, "Breaches are disruptive and raise the potential for financial fraud, identity theft and, potentially, severe threats to our national economic security."

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