Credit Bureaus Unite on Data Security

Share this article:
U.S. credit bureaus Equifax, Experian and TransUnion said last week that they have teamed to create coordinated encryption standards to protect sensitive consumer information during transmission between the bureaus and data providers.


All three credit-reporting agencies claim to already have had information security standards in line with the Federal Trade Commission's Safeguards Rule, but they said this new move would increase protection for consumers.


Standards used for this effort are Advanced Encryption Standard (AES) and Triple Data Encryption Standard (3DES) encrypted algorithms and a minimum of 128-bit key encryption. AES and 3DES encrypted algorithms that use 128-bit key encryption are widely accepted commercial standards to protect sensitive financial data, the bureaus said. AES and 3DES standards are governed by the National Institute of Standards and Technology.


In addition, the three credit bureaus formed an encryption task force.


Kristen Bremner covers list news, insert media, privacy and fundraising for DM News and DMNews.com. To keep up with the latest developments in these areas, subscribe to our daily and weekly e-mail newsletters by visiting www.dmnews.com/newsletters


Share this article:
close

Next Article in News

Sign up to our newsletters

Follow us on Twitter @dmnews

Latest Jobs:

More in News

NBA Names Insurance Exec as its CMO

NBA Names Insurance Exec as its CMO

Nationwide and State Farm veteran Pamela El takes the league's marketing helm next month.

Bloomberg Names Bigley CMO

Bloomberg Names Bigley CMO

Communications chief Deirdre Bigley is appointed head of global marketing for the business and financial news company.

2014 Essential Guide to Omnichannel Marketing

2014 Essential Guide to Omnichannel Marketing

The 2014 Essential Guide to Omnichannel Marketing—everything you need to know about Omnichannel, all in one spot. Read on for insight.