Morning Consult - by Will Dobbs-Allsopp 1/27/2015
"Right now the weak link in the payment system in terms of security is at the merchants," Ryan Donovan, chief advocacy officer at CUNA, said in an interview. "If they took greater steps to protect data, they wouldn't be the victim." CUNA and the nearly 7,000 credit unions it represents say the logic behind having retailers like Home Depot and Target shoulder the cost burden is simple. The Gramm-Leach-Bliley Act, enacted in 1999, sets data security standards for financial institutions that possess personal financial information. The law, however, does not regulate merchants, only financial services firms.
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