Not everyone at the conference agreed that more data protection laws are needed. Industry groups should work together to fix credit card fraud and data theft before lawmakers step in, said Mike Zaneis, director of congressional and public affairs for the U.S. Chamber of Commerce, a trade group representing 3 million businesses.
"If industry doesn't figure it out, the judges will or Congress will," he said. "What you don't want is some sort of statutory obligation."
Zaneis counted seven data security bills currently introduced in Congress, with more likely on the way.
In fact, U.S. Representative Mike Castle, a Delaware Republican, said he plans to introduce a new data security bill within days. The bill, based on draft legislation floated by the House Financial Services Committee, would require businesses with data breaches to notify law enforcement and regulatory agencies immediately and to notify customers if the data lost could result in identity theft, Castle said. The bill would require data protection standards and require breached businesses to pay for the cost of notification, he said.
Castle's staff has counted 50 major data breaches publicly reported by U.S. companies in 2005, he said. Consumer confidence will suffer if the flood of breach reports keeps up at that pace, he warned.
"You are the stewards of this resource, entrusted by those who want to do business with you," Castle told the audience.
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