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Reding: Banks Will Be Required To Disclose Breaches

PRIVACY LAW—EU

June 20, 2011

EU Justice Commissioner Viviane Reding said today that banks will be among the companies required to disclose serious breaches of customer data, Bloomberg reports. "I understand that some in the banking sector are concerned that a mandatory notification requirement would be an additional administrative burden," Reding said during a speech in London, adding that such a requirement "is entirely proportionate and would enhance consumers' confidence in data security and oversight." Her words come on the heels of several high-profile breaches, including one recently disclosed by Sega Corp. "I can well understand if users lose trust in the Internet and in companies offering online services," Reding said.
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