TMCnet News
United States : RISE in electronic payment methods increases the focus on data security networks from hackers [TendersInfo (India)](TendersInfo (India) Via Acquire Media NewsEdge) Companies aren t waiting for Congress to ensure that billions of dollars in electronic payments flowing through data networks are defended from hackers. Data breaches were thrust in the spotlight after hackers broke into the networks of retailers during the holiday season. Lawmakers held a slew of hearings in the aftermath and many proposed legislation to ensure that consumers are warned when their information is put at risk. But a legislative solution is a long way to go, as bill dealing with privacy must travel through several committees with jurisdiction, including 3 in the House alone. With action in Congress unlikely, the nation s largest retailers and financial groups are taking it upon themselves to increase security for consumer information. Their reputations and businesses are on the line, both industries are determined to make progress. Customers are counting on everyone to keep their data safe and secure. It s critical to recognize that the enemy here is the hacker. More than a dozen financial and merchant groups, including the National Restaurant Association, the American Bankers Association, the American Hotel & Lodging Association and the Electronic Transaction Association, teamed up to work on data security. The partnership is an opportunity to discuss data security challenges facing the payment system, talk about technologies on the horizon, and how the industry can coordinate and communicate on cyber threats. Data breaches have become common. This year alone, there have been 33 breaches at businesses or financial institutions both large and small that compromised more than 1.1 million records. These breaches are in credit card fraud, exposure to hackers or unintended disclosure. There is a common belief that another high-profile cybersecurity breakdown could spur lawmakers into action. More than 75 groups and companies lobbied policymakers on data-breach issues during the first 3 months of 2014. Consumers spend trillions through electronic payments every year, which includes credit card transactions and newer ways of paying for goods, such as mobile wallet apps. This makes data security a top priority, with lobbyists at Facebook, Comcast, AT&T, Verizon, the National Cable and Telecommunications Association and CTIA-The Wireless Association all keeping tabs on new developments. (c) 2014 Euclid Infotech Pvt. Ltd. Provided by SyndiGate Media Inc. (Syndigate.info). |