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Banks Will be Required to Disclose Breaches


Viviane Reding, the European Union’s top privacy official said that banks will be among companies forced to notify authorities of “serious” leaks of customer data.


“I understand that some in the banking sector are concerned that a mandatory notification requirement would be an additional administrative burden,” said Reding. However, the EU’s Justice Commissioner went on to say that such an obligation is “entirely proportionate and would enhance consumers’ confidence in data security and oversight.”


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