Inside Fla.'s Data Breach Response Programs For Banks

Law360, New York (February 19, 2014, 1:11 PM EST) -- Section 501 of the Gramm-Leach-Bliley Act [1] of 1999 requires that certain bank regulative agencies establish appropriate standards for safeguarding the security and confidentiality of customer records and information. GLBA is, however, silent as to what measures should be taken if a breach occurs.

Furthermore, Section 1093 of the Dodd-Frank Act grants the Consumer Financial Protection Bureau the authority to make rules regarding standards and enforcement of the GLBA, but as of yet, no rules have been issued on the subject. Safeguarding and reactionary standards may...
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