ETA Statement Regarding White House Report on Big Data, Big Data: A Technological Perspective

May 2, 2014 – Statement by Jason Oxman, CEO of the Electronic Transactions Association (ETA), the global trade association representing the payments technology world, regarding the White House report release, Big Data: A Technological Perspective.

“The White House report on big data is timely given the national attention placed on recent retail data breaches and the important role data plays in our every day lives and economy. The report is forward looking in that it recognizes the tremendous opportunities big data affords our country and offers a measured framework for addressing policy concerns.

ETA has long advocated that the best and fastest way to protect the safety and security of consumers’ financial data is to allow payments companies and the merchants they serve to collaborate on industry standards and innovative solutions, in addition to Congress passing a uniform national notification standard for reporting financial data security breaches.

Regulations regarding consumer notification of breach are ripe for reform, as the White House report suggests. Currently there is a patchwork of 46 separate state data breach notification laws with which retailers and the payments industry must comply, making uniform notifications virtually impossible.

A uniform national standard would protect consumers by providing reasonable and effective notification requirements. Consumers and businesses would have a common and consistent expectation of breach procedure, and company time and resources could be devoted to innovative security solutions to protect against new threats.

Furthermore, ETA supports the report’s recommendation to update the Electronic Communications Privacy Act so that it recognizes the realities of current technologies.

It’s encouraging to see the White House report acknowledge that new regulations and policies should not suppress marketplace innovations best positioned to address the ever changing threat of cybercrime.”

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