By Peter Schroeder - 12/30/13 03:41 PM EST
A trio of Democratic senators are calling for congressional hearings into the massive data breach at Target retail stores.
In a letter to the heads of the Senate Banking Committee, they said that the illicit access of credit and debit card data for roughly 40 million Americans nationwide proves the need for a prompt Washington inquiry into the safety of consumer financial data. Sens. Robert Menendez (N.J.), Chuck Schumer (N.Y.) and Mark Warner (Va.), all members of that panel, signed on to the letter.
Target announced earlier this month that millions of Americans’ financial data was compromised after a massive data breach spanning much of the holiday shopping season.
The senators said the event should drive questions from Congress about whether companies are taking all the needed steps to protect customer information, and whether lawmakers need to consider passing stricter cybersecurity standards.
They also want to hear from financial regulators on what tools they have to fight such tech-savvy thieves, and how they are working with financial companies to fight such breaches, and minimize any resulting damage.