Keeping Your Personal Information Secure

Over the past several years, millions of Americans have been the victim of identity theft and financial fraud. In fact, in just the last two years, roughly 1 in 3 Americans had financial account information compromised in data breaches at our largest retailers. In our increasingly global marketplace, immense amounts of sensitive consumer financial information are transferred, processed and stored in any one transaction. This payments system includes credit card companies, retailers and banks. As the system is only as strong as its weakest link, I believe all participants must share equally in the efforts to keep our financial information secure and our economy better protected from future threats.

A national threat to our economy and our security requires a national solution. With that in mind, I recently introduced H.R. 2205, the Data Security Act of 2015, to establish a national data security and breach notification standard for everyone in the payment chain to better protect your most sensitive financial information. As a former Lubbock small business owner, I understand the consequences of one-size-fits-all red tape. That is why the standards in my bill take into consideration the size, scope, and type of financial information businesses hold—to avoid unnecessary burdens on Main Street small businesses. Under my bill, many Main Street businesses across the 19th District may already be taking the necessary security precautions and will see no changes to the way they operate. Finally, the standards in my bill do not impact technology and allow the private sector to continue what it does best—innovate. Today and every day this year, there will be 117,334 cyber incidents against the United States economy according to a PriceWaterhouseCooper study. It is time we modernize our laws to keep up with this evolving threat to our economic and national security. I will continue to fight to protect your most sensitive financial information and create a climate where Main Street businesses can lead the economic surge for a more prosperous future.

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