Federal Reserve Announces Guidance Re: Unauthorized Access to Customer Information
Following up on a posting by the OCC last Friday, today the Federal Reserve and other federal bank and thrift regulatory agencies announced publication of new guidance to financial institutions regarding procedures they should follow in addressing security breaches involving customer information.
The guidance provides that, "when a financial institution becomes aware of an incident of unauthorized access to sensitive customer information, the institution should conduct a reasonable investigation to promptly determine the likelihood that the information has been or will be misused.""If the institution determines that misuse of its information about a customer has occurred or is reasonably possible, it should notify the affected customer as soon as possible," the guidance states. However, notice may be delayed if an appropriate law enforcement agency determines that notification will interfere with a criminal investigation.
A link to the Federal Register notice is included.
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