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Financial institutions ordered to notify customers after a breach, have an incident response plan
The Securities and Exchange Commission has announced rules around breaches for certain financial institutions.
These amendments to Regulation S-P will make critical updates to a rule first adopted in 2000 and help protect the privacy of customers’ financial data. Under these amendments, covered firms will be required to notify customers of breaches that might put their personal data at risk. Covered organizations have to provide notice to victims as soon as possible and no later than 30 days after becoming aware of an incident involving the leak of customer information.
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