The new data security law, if not plain bull, is certainly a fight amongst bulls.
Who is in the ring?
The Federal government versus the state government. The banking groups versus the retailers.
And let’s not forget the ring master—the bully—the master of ceremonies in this circus.
Do you believe that the new data security law will protect your data?
These are desperate times for data security. Desperate people are vulnerable.
You should appreciate President Obama’s effort. His executive order for data security makes us feel good.
And, it is good to have gotten his attention. I especially like the sound of ‘executive.’
Just don’t succumb to the bull.
Bullies don’t obey law.
He is trying to contain the bulls
Will he succeed?
On November 12, 2014, financial industry groups told congressional leaders that robust oversight will help U.S. retailers protect consumers from cyberattacks–Bloomberg BNA
The financial industry group further contends that:
“It is only when coupled with the development of strong internal data protection standards and robust oversight that the retail community will find itself in a better position to protect consumers and their confidential personal financial information from criminal abuse,” wrote the American Bankers Association, the Consumer Bankers Association, The Clearing House, the Credit Union National Association, the Financial Services Roundtable, the Independent Community Bankers of America and the National Association of Federal Credit Unions.So the financial services industry has clearly identified the speck of dust in the retailers eye.
Do you smell the self-righteousness?
But the retailers argue that financial institutions should be required to provide the ‘same detailed notice to their customers as is required of other businesses under law.’
And, that despite a major data security breach recently reported by JPMorgan Chase & Co., a detailed notice has not been given to customers.
And by the way,
It is not only JPMorgan Chase’s data that has been breached. Several other banks have suffered similar breaches.
Apparently, the financial industry thinks that they should be exempt.
Exempt from providing you and I with a detailed notice when our personal information have been pilfered on their watch.
A case of the special child syndrome?
According to them, the Gramm-Leach Bliley Act (GLB Act), is all the data security law they need.
My data and yours.
So will the president’s new data security law succeed?
It has potential.
So it could succeed.
The bulls fight the bully instead of each other.