The Consumer Financial Protection Bureau, a federal agency that implements and enforces federal consumer financial laws, has opined that a company may be found to violate the Consumer Financial Protection Act if the company does not have sufficient data protection and security standards.
Not securing customer data and protecting user accounts is considered an “unfair practice” in violation of consumer protection laws. This announcement by the CFPB, which may be accessed by clicking here, is one more encouragement for companies to implement cybersecurity best practices.