OLYMPIA, Wash. – A key state legislative panel yesterday approved a data security bill that would make parties responsible for security breaches pay for costs incurred by credit unions, banks, consumers and other parties affected by the breach.
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The credit union-backed bill easily passed the House Insurance, Financial Services & Consumer Protection Committee, and now moves to the House Rules Committee for further consideration. A similar bill is moving through the state Senate.
Similar bills have passed in Minnesota and been introduced in Massachusetts, Texas and California, with the backing of the credit union lobbies in those states.
