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House, Senate Dems Seek Data Breach Details from FIs
Friday, November 21, 2014 6:35 AM

Leading Democrats in both houses of Congress sent letters on Tuesday to 16 major banks and other financial firms requesting detailed information about recent data breaches and briefings from corporate data security officials.

Reuters reports that among the companies targeted in letters sent by Sen. Elizabeth Warren, a member of the Senate Banking Committee, and Rep. Elijah Cummings, the top Democrat on the House Oversight and Government Reform Committee, were banks, investment firms, and other financial service providers.

"The increasing number of cyber attacks and data breaches is unprecedented and poses a clear and present danger to our nation’s economic security," Cummings and Warren wrote.

"Each successive cyber attack and data breach not only results in hefty costs and liabilities for businesses, but exposes consumers to identity theft and other fraud, as well as a host of other cybercrimes," they added.

The lawmakers requested details of all data breaches experienced over the past year, the number of customers affected, findings by forensic investigators, information about who is suspected to have carried out the attacks, and descriptions of new cyber-security measures the companies instituted after discovering data breaches.

In letters to two of the 16 companies, Citigroup and U.S. Bank, Cummings and Warren also requested information about how possible data breaches might have affected their handling of government purchase and charge cards under contracts with the General Services Administration, the government's housekeeping agency.

Other institutions to whom the Democratic legislators are sending letters include ADP, Bank of America, Bank of NY Mellon, Bank of the West, Deutsche Bank, E-Trade, Fidelity, GE, Goldman Sachs, HSBC, Morgan Stanley, PNC, Regions, and Wells Fargo.