What Obamas Latest Cybersecurity Push Means for Banks American Banker (01/13/15) Finkle, Victoria; McKendry, Ian On Jan. 12, President Obama announced several new initiatives to tighten cybersecurity at banks and other businesses, including the Personal Data Notification and Protection Act, which would create national notification standards that require notices to be sent to consumers within 30 days of a breach. Among other things, Obama said the administration is pressing forward with a revised consumer privacy bill and introducing a measure that would restrict companies from selling student data to certain third parties. Many bankers agree with the presidents assertion that the existing patchwork of state regulations is confusing and costly. However, some contend that notification standards alone will not prevent new attacks and think the notification legislation also should include a data security standard. Meanwhile, Ryan Donovan, a senior vice president at the Credit Union National Association, says it is unclear whether the notification legislation would address how the costs of a data breach should be shared by financial institutions, merchants, and other parties.
Posted on: Wed, 14 Jan 2015 19:10:04 +0000
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