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H.B. 224, a newly introduced data breach notification bill for New Mexico, would mandate that organizations notify breached individuals within 10 days of breach discovery (unencrypted credit card data); and within 10 business days notifying the state attorney general if more than 50 NM residents are affected.
The bill allows for a shorter notification deadline and for card carriers to sue for recovery costs linked to the breach; and customers can sue for statutory damages.
Companies operating in NM will also have additional data security and data disposal requirements, due to the bill. Enacting H.B. 224 would make New Mexico join 46 states who have data breach alert laws.
Payment Card Breach
Data Security and Disposal
Enforcement
Being accountable:
It may be just a matter of time before the Federal government steps in and decides PCI Standards might not fix client data protection problems. Businesses who see the writing on the wall are being proactive and making smarter investments in their customers security.
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Sergiy Fitsak Managing Director, Fintech Expert at Softjourn
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Oleksandr Strozhemin Co-founder and CEO at Trinetix
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Elaine Mullan Head of Marketing and Business Development at Corlytics
12 August
Abhinav Paliwal CEO at PayNet Systems- A Neo Banking Software Platform
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