The Defeat of Cantor and Breach Law.

Recently a lot of attention has been given to breaches of internet security in companies that store private consumer information. This has given rise to a lot of discussion of enacting breach laws. A breach law, in its simplest form, requires a company that has had a breach to inform those whose information could have been compromised.

While many feel that a Federal law should be put in place, with a Congress that currently is contending to be the least prolific since 1940 many states have elected to enact their own state laws to serve in the meantime. Kentucky Governor Steve Beshear just recently signed two bills into law, HB5 and HB 232, which makes Kentucky the forty-seventh state to pass a breach law.

Support for such measures is clearly overwhelming, but many fear the needed national legislation is far beyond the horizon. The reason for a Federal breach law is seen to stem from the wide disparity in the specifics of various states’ laws. While the basic principle is in place, the details vary widely, convoluting the process of enforcing the rules, especially in cases of cross- or multi-state breaches.

Many are worried that the recent defeat of the current Majority Leader in the House, Eric Cantor, in his election primary will contribute further to the already prominent timidity members of Congress are feeling towards voting for any bi-partisan legislation.

Source: Bank info Security