Record poll finds majority believes financial institutions have responsibility to protect data
The Record’s online poll from Aug. 2- 23 asked readers whether they think financial institutions should be subject to more stringent laws regarding protecting consumer data.
Cybersecurity experts are saying the Capital One data breach that compromised the personal information of more than 100 million people may have been preventable had the credit card issuer taken more care in configuring the firewall used to protect the system from intrusions.
The breach potentially revealed the names, addresses, ZIP codes, phone numbers, email addresses, dates of birth and self-reported income of about 100 million people in the United States and 6 million in Canada as well as compromised a smaller portion of customers’ Social Security and bank account numbers. The hacker was allegedly able to break into data stored in the cloud, or remote servers maintained by a third party because the firewall was not configured properly to the specifications of the server.
The Capital One breach comes on the heels of credit rating giant Equifax’s settlement for more than $575 million over a data breach it had two years prior. But some consumers are complaining because Equifax faced little fallout — no top officials were fired and the fine FTC levied only amounted to about 20% of the company’s annual revenue for 2018. According to the Gramm-Leach-Bliley Act of 1999, financial institutions are required to safeguard sensitive data, specifically detecting and managing system failures. Now some consumers and lawmakers are calling for more stringent laws regarding financial institutions protecting consumer data.
The poll asking, “Do you think financial institutions should be subject to more stringent laws regarding protecting consumer data?” received a total of 92 votes, with the majority of votes — 90 percent or 83 votes — going to option “Yes, financial institutions have an integral responsibility to protect consumer data.” Ten percent of voters chose, “No, the Gramm-Leach-Bliley Act is sufficient protection.”
A majority of poll voters in the Daily Record’s previous poll think that he Permian Highway Pipeline should be subjected to an environmental impact study by NEPA because the pipeline will cross through some of Texas’ most environmentally-sensitive features.
Every week, the Record gives its readers the opportunity to voice their opinions on different topics. This poll does not, and does not purport to accurately depict public opinion. It is only intended to inspire thought-provoking discussion within the community.
SMDR’s new poll is available online now and asks for readers’ opinions on whether they Texas should tighten laws that make it easy for parents to opt-out of vaccines. It can be voted on now.
