US – Lawmakers introduce bill requiring major credit firms to submit cybersecurity reviews

In response to Equifax’s data breach, congressional Republicans have introduced a bill requiring the three major credit firms to submit regular cybersecurity reviews for the first time, The Wall Street Journal reports. The bill would have Equifax, Experian and TransUnion phase out their use of Social Security numbers as a verification method by 2020. While the bill moves forward, Senate Banking Committee Chairman Sen. Mike Crapo, R-Idaho., wrote a letter to federal banking regulators to see if they needed more authority to supervise the firms in ensuring they adequately protect consumer data. “I am concerned there may be a regulatory gap with respect to supervision of credit reporting agencies for data security standards,” Crapo wrote in the letter. (Registration may be required to access this story.)
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