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While testifying in front of the House Financial Services Committee, former governor and Financial Services Roundtable President and CEO, Tim Pawlenty, said cyber attacks that target and steal customer information, such as payment card details is an “existential threat to our economy.”

According to PoliticoPro, “Pawlenty and other industry reps reiterated their position that any federal standard for consumer notification of data breaches should preempt existing state standards.” The former governor argued that such threats require a nationwide standard despite the fact that 47 states have existing laws.

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