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Bankers, Consumers Support Risk Standard for Data Breach Notifications
By Brian Orsak
printAny federal data security legislation that reaches the congressional floor this year likely will require banks to notify customers of breaches only if there is a risk of theft, according to banking groups and consumer advocates. At least three bills introduced this year -- two in the U.S. Senate and one in the House -- would set a national standard for notification based on risk. Financial institutions currently must comply with a number of state notification rules, many of which require more frequent notification. Financial institutions favor a national standard based on risk, banking lobbyist Steve Kenneally said, because it...
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