Congress told ‘the market can’t fix’ poor cybersecurity at credit companies
The day after Halloween, lawmakers at a hearing on the Equifax breach heard scary stories of an under-regulated industry that collects and analyzes vast quantities of data about consumers without their knowledge or consent, stores it insecurely and sells it to the highest bidder. Representatives of the credit reporting industry told the House Energy and Commerce Subcommittee on Digital Commerce and Consumer Protection that those were all campfire tales to frighten children and that searching for a legislative solution would be the governmental equivalent of a snipe hunt. And Republican lawmakers sought to tamp down industry concerns by saying they were still in the information-gathering phase of their work. The hearing, said subcommittee Chairman Bob Latta, R-Ohio, “is an important step toward answering the many questions that consumers are asking.” But the overall tone of proceedings, even from the credit reporting industry’s traditional allies in the GOP, was not at all friendly. “Consumers are getting […]
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