"Community banks absorb the costs of data breaches upfront because their primary concern is to protect their customers,"
While ICBA's recently announced participation in a joint cybersecurity partnership with other financial services and retailer trade organizations is a strong and much-needed step in the right direction to protect consumers, the association has not wavered in its commitment to represent the best interests of its member community banks and their customers in the wake of wide-scale data security breaches at major retailers.
ICBA continues to advocate our key data security principles to
* the costs of data breaches should ultimately be borne by the party at fault for the breach,
* all participants in the payments system--including merchants--should be subject to Gramm-Leach-Bliley Act-like data security standards,
* a national data-security breach and notification standard should be implemented to replace the current patchwork of state laws,
* unnecessary barriers to effective threat-information sharing between law enforcement and the financial and retail sectors should be removed, and
* while community banks and other financial institutions continue to move to chip technology for debit and credit cards, these technologies alone may not have prevented the recent retailer breaches and do not protect against fraud in "card-not-present" transactions, such as online purchases.
"ICBA will continue to advocate for community banks and their customers and will not rest until these key principles are addressed for the betterment of our payments system, community banks and, most importantly, consumers," Loving said.
More information on ICBA's efforts and data-security resources for community banks and their customers are available on ICBA's online security breach toolkit. (http://www.icba.org/publications/visa.cfm?ItemNumber=37529)
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