In his testimony, Duncan urged the United States to look beyond the Payment Card Industry’s (PCI) security standards and proposed EMV cards, and embrace a more secure and technologically-advanced payments system that is as innovative as it is competitive. In the longer term, Duncan said further improvements, such as point-to-point encryption of data, “tokenization” of transactions and mobile payments offer potential solutions to better protect consumers. Duncan also urged Congress to pass the Cyber Intelligence Sharing and Protection Act, which would make it easier for the commercial sector to share information about cyberthreats and ensure that cybercrimes are thoroughly investigated and prosecuted. He said NRF also wants Congress to replace the varying data breach notification laws currently on the books in 46 states and the District of Columbia with a single, uniform nationwide standard and bolster law enforcement agencies’ abilities to combat cyberattacks.
The National Retail Federation urged Congress to take a comprehensive approach as it contemplates a national response to criminal cyber attacks #
NRF is the world’s largest retail trade association, representing discount and department stores, home goods and specialty stores, Main Street merchants, grocers, wholesalers, chain restaurants and Internet retailers from the United States and more than 45 countries. Retail is the nation’s largest private sector employer, supporting one in four U.S. jobs – 42 million working Americans.
National Retail Federation