The Subcommittee on Oversight and Investigations of the House Committee on Financial Services held a hearing today titled "Credit Card Data Processing: How Secure Is It?" The prepared testimonies from the industry speakers are available online.

David Bank reports for the Wall St. Journal on litigation against companies involved in security breaches that release customer data.

Some legal experts say the courtroom action may be more effective than legislation or regulatory action in spurring adoption of common-sense security practices. "These class-action suits will in a somewhat perverse way allow the forces of the marketplace to act as the enforcement mechanism," said Tom Holt Jr., a lawyer with Kirkpatrick & Lockhart Nicholson Graham LLP in Boston, which defends companies against data-loss claims. "The companies that have behaved most diligently will be in the best position to defend themselves."

Visa USA and the U.S. Chamber of Commerce have announced a nationwide data security campaign to encourage a more coordinated effort between the payments industry and merchants in the fight to protect customer data and reduce fraud.   » Continue Reading

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