Hearing on "The Threat of Data Theft to American Consumers"

"Data breaches threaten the financial well-being of individuals whose personal information is exploited to commit identity theft or fraud. There is no one solution to these threats. Criminal hackers are targeting us every minute. Today we will hear how federal law enforcement is attacking this problem. However, the private sector also must step up to the plate. The private sector can, and must, do a better job of safeguarding sensitive personal information. Information is the currency of the digital economy and it must be secured. Just as a bank would not leave its vault unlocked and open to thieves, companies must secure information and keep it out of the hands of identity thieves and other criminals. And when personal information is compromised, companies have an obligation to inform those individuals whose information was lost or stolen so that they can take steps to detect and prevent identity theft or other harm." - Ranking Member Henry Waxman's opening statement as prepared for delivery.

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The Subcommittee on Commerce, Manufacturing, and Trade held a hearing on Wednesday, May 4, 2011, at 9:30 a.m. in 2322 Rayburn House Office Building.

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