Following recent high-profile security breaches of U.S. retailers, the Securities and Exchange Commission (SEC) plans to host a roundtable discussion next month focused on cybersecurity. As cyber threats become more common place, lawmakers also are concerned a standardized customer notice system isn't in place for retailers to follow.
Retailers and financial institutions argue over which side should be held responsible for fraud activity on customer accounts. There are now trade groups teaming up to try and help work through the issue together, though cyber money crimes contribute to a booming multi-billion-dollar industry.
Following the Target and Neiman Marcus breaches specifically, consumers are increasingly frustrated by sometimes lackadaisical security practices. The Obama Administration recently released cybersecurity guidelines for select industries, though didn't make it mandatory to implement any of the ideas.
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