A new congressional bill titled "Data Security And Breach Notification Act of 2015" aims to increase intelligence and awareness about threats against consumer data. According to PYMNTS, the legislation is designed to enhance standards for data protection and alert entities in the private sector about new vulnerabilities as they arise.

Sponsored with bipartisan support, the bill was introduced to the Senate this month by Sen. Tom Carper (D-Delaware), and Sen. Roy Blunt, (R-Missouri) and moved successfully through the House Energy and Commerce Committee under the guidance of Republican Rep. Marsha Blackburn and Democrat Peter Welch.

One of the requirements of the bill is that businesses must inform customers within 30 days of a breach that their personal information may be at risk. This can help consumers be proactive about the restoration process after the company has completed a good-faith investigation. So far, the bill has gained support from the American Banking Association, whose president and CEO Frank Keating endorsed the legislation in a statement. 

"Cybersecurity is a top priority for the financial services industry, and the Senate and House bills would help protect America's cybersecurity infrastructure against current and future threats," he said. "Banks invest hundreds of millions of dollars every year to put in place multiple layers of security to protect sensitive data. Protecting customers is our top priority."

Legislative action can help clarify and establish standards for best practices for data protection, but the onus remains on individual businesses to implement strategies that keep their customer data safe. With the guidance of a third-party credit card merchant services provider, companies can monitor and update their payment systems to ensure risk is minimized. Contact Vantage today to learn more about our solutions for merchant account services.