Banks: Lack of retail regs raises risk of hacking

From: The Hill

By Kevin Cirilli

The finger-pointing over cybersecurity between retailers and financial institutions heated up Wednesday, with banks and credit unions pushing for more oversight of the retail industry to help protect consumers.

In a scathing joint letter sent to Senate and House leadership, the top banking and credit union trade groups noted that their industries have had “significant regulatory requirements and internal safeguards” since 1999 because of the Gramm-Leach-Bliley Act (GLB).

“Retailers are being targeted by cyber criminals,” the groups wrote. “Retailers are not covered by any Federal laws or regulations that require them to protect the data and notify consumers when it is breached.”

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