TraceSecurity, a leading provider of ;on-demand security compliance software and services, announced today that it ;has found major flaws that exist in proposed federal id theft legislation. ;Executives from TraceSecurity were invited to Capitol Hill twice in 2005 to ;provide suggested improvements for the Specter-Leahy Personal Data Privacy and ;Security Act Of 2005 and Senator Diane Feinstein's Database Security Breach ;Notification Act of 2005. During the review of the Specter-Leahy proposed ;bill, numerous issues were uncovered that undermine the effectiveness of the ;bill. "Proposed federal id theft legislation lacks the teeth and understanding ;necessary to prevent future identity theft incidents from occurring," said ;Jim Stickley, chief technology officer and head of social engineering for ;TraceSecurity. "The fact that financial institutions will not even be effected ;by this bill is ridiculous." After objections were raised last week by senators from Chairman Specter's ;own party regarding the impact of his bill, the Specter-Leahy Personal Data ;Privacy and Security Act Of 2005 was postponed until further discussion today. ;The bill is in response to numerous highly publicized identity theft incidents ;that have exposed major vulnerabilities in the protection of consumers' ;personally identifiable information such as social security numbers, credit ;card numbers, bank account numbers, etc. "I think it's great that Congress is involved and trying to pass a bill ;that will better protect consumers and businesses alike from identity theft," ;said Stickley. "The problem is that the Leahy-Specter bill will have as little ;of effect as the Anti Spam bill passed a few years back." TraceSecurity works with hundreds of financial institutions to improve ;their virtual and physical security infrastructure and to ensure they are ;complying with federal compliance laws including GLBA and Sarbanes-Oxley. ;TraceSecurity's work entails vulnerability assessments, compliance audits and ;social engineering engagements for financial institutions throughout the ;country. As a vendor neutral company, TraceSecurity performs vulnerability ;tests on software applications and appliances that their financial customers ;use from other vendors to store, send and protect sensitive data. Interested media that would like to speak with TraceSecurity executives to ;learn more about the flaws that exist in proposed federal identity theft ;legislation; holes in current compliance regulations such as GLBA and Sarbanes ;Oxley; and potential remedies to these flaws and holes can contact David ;Splivalo of Capitol Hill Communications at 703-373-3566. ; About TraceSecurity TraceSecurity is a leading provider of on-demand security compliance ;software and services. The company's enterprise software helps customers ;satisfy national and international data security compliance requirements ;mandated by such regulations as Sarbanes-Oxley, GLBA and HIPAA. Over ;250 global enterprises in the financial services, insurance, energy, ;government, manufacturing and services industries rely on TraceSecurity to ;continually monitor and improve the computer security of their companies. ;TraceSecurity's products and services include on-demand vulnerability and ;compliance assessment software, social engineering audits, comprehensive ;security assessments and security strategy consulting. Headquartered in Baton ;Rouge, Louisiana, TraceSecurity maintains offices in Houston and Dallas Texas, ;San Diego California, and Portland Oregon. For more information about ;TraceSecurity, please visit their Web site at: http://www.tracesecurity.com . ; Media/Government Contact: David Splivalo Capitol Hill Communications +1-703-373-3566 david@capitolhillpr.com ; ; ;

Source: PR Newswire