U.S. Senator John Thune met with industry leaders across many fields to discuss data privacy in the state and across the U.S.
The round table conversation, hosted by Dakota State University, offered perspectives from multiple industry leaders in the banking, medical, and technology fields.
A main point of conversation was differentiating data privacy and data security. Jay Febus is the Chief Information Officer of First Premier Bank. He explained the differences.
“We are allowing the bad actors inside the house. Then we are fighting them inside the house - when we really need to close the door and be sure the fighting is outside the house versus inside,” said Febus.
He said industry leaders have been focused on security for so long that data privacy has fallen behind.
The panel agreed unanimously the issue of data privacy and security should be handled through federal legislation. They cite the European GDPR decision as an example of how data can be guarded.
Organizations operating in multiple state are particularly interested in a federal “blanketed” legislation. Currently, data security and privacy practices differ in each state.
With the evolution of AI technologies, industry leaders say some type of regulation is needed.
Febus says AI is becoming more sophisticated, opening the door for bad actors to take advantage of companies’ data.
“I think that with the advancements in AI and how exponential, that’s going to bring the bad actors tools and mechanisms to really explode even faster than what we are able to contain these threats. I think that it is going to require really strong measures from the industry, from our elected officials, to manage what I believe is coming. In other words, we haven’t seen anything yet,” said Febus.
Industry leaders stressed concern over the length of time a federal process would take to generate legislation for a universal structured approach to AI, data privacy, and security.
Thune says the balancing act is in creating legislation that protects the user but does not hinder innovation.
“I think that’s, in this legislation that was introduced here just recently. The new privacy bill. That is one of the issues too. Is that private right of action too broad? I think that striking that balance is always going to be the challenge, but, there is a since of urgency around this now.”
The urgency of a federal plan was outlined when Thune shared a recent experience in which bad actors used U.S. Senators’ phone numbers to contact foreign dignitaries. Industry leaders shared recently similar experiences proving the need for action.
