Elizabeth Warren to Banks: Prove You Can Protect Customer Data From Hackers

Harry Hamburg/AP

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Elizabeth Warren is off to a running start in her new leadership role with the Senate Democratic caucus. She called out Walmart for its terrible labor practices. She wrote an op-ed this week warning the president against appointing Wall Street insiders to the Federal Reserve. And Tuesday morning, she called on financial institutions to prove that they can protect customer data from cybercriminals.

Over the past year, cyber attackers have stolen roughly 500 million records from financial institutions, according to federal law enforcement officials. In a joint letter also signed by Rep. Elijah Cummings (D-Md.), Warren asked 16 firms—including Bank of America, Citigroup, Goldman Sachs, and Morgan Stanley—for detailed information about cyberattacks they experienced over the past year and how they plan to prevent future breaches.

“The increasing number of cyberattacks and data breaches is unprecedented and poses a clear and present danger to our nation’s economic security,” the lawmakers wrote in the letter. “Each successive cyberattack and data breach not only results in hefty costs and liabilities for businesses, but exposes consumers to identity theft and other fraud, as well as a host of other cyber-crimes.”

Warren and Cummings requested the firms provide information on the number of customers that may have been affected by breaches, data security measures the companies have taken in response, the value of the fraudulent transactions connected with the cyber attacks, and who is suspected to have carried them out. The letters also request that IT security officers at each firm brief the lawmakers on how they are protecting their data from cybervillains.

The lawmakers hope to use the information the firms provide to inform new federal cybersecurity legislation. Current cybersecurity law is unclear about when companies are required to notify the government about a data hack. Warren has previously called on Congress to give the Federal Trade Commission more power to regulate data breaches.

The American financial sector is one of the most targeted in the world, according to the FBI and Secret Service officials. The hackers who stole data from JPMorgan Chase earlier this year—compromising information from 76 million households—also targeted 13 other financial institutions, Bloomberg reported last month.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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