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Recent Breach Puts Spotlight on Security

FINANCIAL PRIVACY—U.S.

June 10, 2011

Regulators are pressuring banks to improve data security measures, and some experts are forecasting a "systemic overhaul" of the industry's practices after a recent breach exposed data on as many as 200,000 credit cardholders. The breach is drawing attention to ongoing vulnerabilities in bank security, and The New York Times reports that the prevalence of outsourcing and the "patchwork of data protection law and regulatory agencies" make matters worse, the report states. An Identity Theft Resource Center report states that in the past six years, 288 breaches at financial institutions have exposed 83 million customer records. (Registration may be required to access this story.)
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