Antonio J. Reynolds quoted in American Banker article, “What will it take for Congress to act on a data breach?”
American BankerAntonio J. Reynolds
Antonio J. Reynolds was quoted on December 7, 2018 in an American Banker article, “What will it take for Congress to act on a data breach?” which discussed the increase in data breaches and the lack of response from policymakers to make a change. The article stated, “As massive data breaches have become a regular occurrence, analysts now expect a similar response from policymakers: immediate outrage, some discussion of perennial bills to improve cybersecurity and data breach response measures, and ultimately no legislative progress. Some suggest that the public has now become so desensitized to data breaches that the lack of any policy response to cyber worries is a new normal. It may be up to the private sector to mitigate the harm.”
Reynolds noted, “We’ve come to acknowledge that, unfortunately, breaches are going to happen, and discussions will really need to be centered on what companies can do to mitigate risks and potential consumer harm.
The article also stated, “Several proposals were introduced and reintroduced, from mandating how companies notify customers of a breach, to a bill authored by Sens. Mark Warner, D-Va., and Elizabeth Warren, D-Mass., imposing hefty mandatory penalties for companies with lax security that results in the exposure of personal information. But some lawmakers and industry groups worry the penalties would impose undue harm if the breaches don’t always involve negligence by the companies.” Reynolds added, “Efforts to pass federal legislation on data breaches have largely failed to get much traction, and broad measures that would hit companies with big penalties for breaches are a bit Draconian.”
Click here to read the full article. Subscription required.