Article: Database Hacks - Are Banks Required To Notify You?
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Database Hacks - Are Banks Required To Notify You?
Ever wonder if banks are required to tell customers when
their systems are hacked? You may be shocked to learn that
they are not. The only exception to this standard has been
database hacks that effect California residents. Companies
doing business in California are required to give such
notice under the California Security Breach Information Act.
The situation is changing quickly on the federal level.
Regulations have been issued by federal finance agencies
that now force banks to tell customers when their personal
data has been exposed to unauthorized third parties. The
regulations are issued pursuant to the Gramm-Leach-Bliley
Act, which contains language requiring financial
institutions to prevent unauthorized access and use of
consumer...
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