A report from the Federal Trade Commission, "The Internet of Things: Privacy and Security in a Connected World," cites the benefits and risks of data security and privacy for consumers connected to an estimated 25 billion electronic devices that send and receive information.
The paper discusses the need for legislation and emphasizes the FTC's previous recommendation for Congress to "enact strong, flexible, and technology-neutral federal legislation to strengthen its existing data security enforcement tools and to provide notification to consumers when there is a security breach."
"Reasonable and appropriate security practices are critical to addressing the problem of data breaches and protecting consumers from identity theft and other harms," the FTC said. "Notifying consumers of breaches after they occur helps consumers protect themselves from any harm that is likely to be caused by the misuse of their data."
The Credit Union National Association, along with other financial trade organizations, sent a letter to Congress last week with principles to support potential data security legislation.