Money advisors lobby Washington lawmakers about better financial laws, with an increased focus on data security.
The goal is to agree on a uniform standard to clarify when consumers need to be notified of a data breach — or loss of personal information. Also, Jeff Prebish, financial advisor with Edward Jones of Wisconsin says it's important to clarify what exactly constitutes a potentially harmful breach.
Though, Prebish explains, they don't want to notify everyone even when there is no potential harm because there's a risk the customers will begin to disregard notifications. However, he says, they can't neglect to notify clients, either.
Over 30 states have data breach laws on the books. Prebish, along with financial advisors from each state, met with our U.S. representatives saying a federal law would streamline notification procedures and give uniformity to the data breech laws.
Edward Jones operates 271 branch offices in Wisconsin.
