New Privacy Safeguards
David Bank and Christopher Conkey report in the Wall St. Journal on the recent action by federal bank regulators telling banks they should notify customers of security breaches.
The guidance that federal bank regulators issued yesterday is weaker than a 2003 proposal that would have required banks to disclose breaches unless they could prove that "misuse of the information accessed is unlikely to occur." The American Bankers Association and other industry groups lobbied for the greater flexibility, and an ABA spokesman said it was "pleased" with the change. The regulations don't pre-empt tougher state laws and apply only to banks, not to data brokers or other companies.
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