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Financial services firms buckle down on data security

Joe Mont | November 14, 2017

We all know that cyber-security is a scourge in the financial services industry. What, however, are these firms doing about it?

That was the question posed on Nov. 1 when a subcommittee of the House Financial Services Committee held a hearing on the topic to examine cyber-security gaps and identify where state and federal data security regulation could be improved.

“More than 15 million Americans were victims of cyber-fraud or identify theft last year,” said Subcommittee Chairman Blaine Luetkemeyer (R-Mo.).  “While data security has been a hot topic since the latest breach, Equifax isn’t where the problem started and, if we don’t act, it isn’t where the problem will end. With each attack more dangerous and more advanced than the last, it is crucial that every aspect of data security is examined.”

The hearing, he said after its conclusion, “reiterated that we need to work collaboratively to reduce red tape, create a prompt notification standard, and foster...

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