Legislative Responses to Data Breaches and Information Security Failures

Federal Reserve Bank of Philadelphia - Payment Cards Center Discussion Paper No. 08-09

27 Pages Posted: 5 Feb 2009

Date Written: February 3, 2009

Abstract

On July 23, 2008, the Payment Cards Center of the Federal Reserve Bank of Philadelphia hosted a workshop to discuss federal and state legislative responses to data breaches. The workshop addressed several laws and legislative initiatives designed to create greater safeguards for personal consumer information frequently targeted by data thieves and often subject to the failures of information security protocols. Diane Slifer, J.D., M.B.A., who has frequently presented at forums on data security and has represented clients in matters related to data breaches, led the workshop. Slifer examined several highly publicized data breaches and explained how various laws and regulations have been put in place in order to protect and inform consumers whose personal information has been compromised. Additionally, she discussed several legislative initiatives designed to potentially create a more structured and secure environment for private consumer data overall. This paper summarizes Slifer's presentation, the ensuing discussion, and additional Payment Cards Center research. In addition, it offers a brief overview of recent data breaches, a description of various ways that federal and state laws operate, and some thoughts on how effective these laws and regulations have been.

Suggested Citation

Keitel, Philip Lehman, Legislative Responses to Data Breaches and Information Security Failures (February 3, 2009). Federal Reserve Bank of Philadelphia - Payment Cards Center Discussion Paper No. 08-09, Available at SSRN: https://ssrn.com/abstract=1337182 or http://dx.doi.org/10.2139/ssrn.1337182

Philip Lehman Keitel (Contact Author)

Federal Reserve Bank of Philadelphia ( email )

Ten Independence Mall
Philadelphia, PA 19106-1574
United States

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