ABA Statement for the Record: "Cyber Threats, Consumer Data, and the Financial System."

Chairman Perlmutter and Ranking Member Luetkemeyer, thank you for the opportunity to submit this statement for the record on behalf of the members of the American Bankers Association (ABA) for the hearing titled “Cyber Threats, Consumer Data, and the Financial System.”

Banks are already subject to a wide-range of data protection, privacy and cybersecurity laws and regulations, and for many years have devoted the time, energy, and resources necessary to secure and protect data and earn the trust of our customers. ABA members are working hard to ensure that consumers remain protected from cyber-attacks, data breaches and other threats that put their sensitive personal and financial data at risk. These threats are constantly evolving and as consumers access a wide range and often novel financial services offerings, it is critical to ensure they retain the protections they have come to expect from their bank. Our statement summarizes current regulatory requirements that protect consumer data and privacy, our views on cybersecurity, and other threats to consumer data and makes several policy recommendations for Congressional and regulatory action to ensure that this data is protected going forward.

Download the testimony to read the full text.