Legislative responses to data breaches and information security failures
AbstractOn 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.
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Bibliographic InfoPaper provided by Federal Reserve Bank of Philadelphia in its series Payment Cards Center Discussion Paper with number 08-09.
Date of creation: 2008
Date of revision:
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- Roberds, William & Schreft, Stacey L., 2009.
"Data breaches and identity theft,"
Journal of Monetary Economics,
Elsevier, vol. 56(7), pages 918-929, October.
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