EU Justice Commissioner Viviane Reding says 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." Meanwhile, the UK Information Commissioner's Office (ICO) has issued a release stating that financial service providers must "do more to fulfill their legal obligations to give customers access to the information they hold about them." The ICO has also named the financial sector as a "priority area" in its Information Rights Strategy.
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