Following yesterday’s announcement that the recent data breach at JP Morgan compromised contact information for about 76 million households and 7 million small businesses, Congresswoman Maxine Waters (D-CA) Ranking Member of the Financial Services Committee, today released the following statement, expressing concern and calling on Committee Republicans to make the issue an immediate priority:
“The massive data breach announced yesterday at JP Morgan Chase serves as a pressing reminder that more must be done to strengthen data security across the financial system and protect consumers’ sensitive financial and other personally identifiable information.
Holding hearings on data security every few years just isn’t good enough. The time for taking action is past due. Congress must move to bolster data security requirements and strengthen consumer protections that ensure victims are notified in a timely manner when their financial and personal information is stolen.
As private companies continue to amass an ever growing trove of consumer’s personal data, I call on the Republican leadership of the Financial Services Committee to take seriously their responsibility to ensure consumers are adequately protected.”
Waters has been a leader on cybersecurity issues under the Committee’s jurisdiction. In January, she led Democratic members of the Financial Services Committee in calling on Republicans to hold a hearing on the Target data breach. Republicans granted her request, holding a hearing last March.