Following massive security breaches that hit retailers like Target and Neiman Marcus, Senator Warner says the need has never been greater for data security legislation. The Senator chaired a Senate Banking subcommittee hearing yesterday on the recent credit and debit card security breaches impacting major retailers and millions of American consumers.

Senator Warner says government has a role to play, but this is fundamentally a technology problem. The Senator says many consumers may not realize that, while their losses from credit card fraud generally are capped at $50, there are few consumer protections when your debit card gets hacked.

Federal Trade Commission official Jessica Rich told Senator Warner the FTC supports federal standards for data security, and a requirement that companies notify consumers after a security breach.

Today's hearing was the first of three upcoming congressional hearings into the recent credit and debit card breach that hit Target and several other national retailers.