Financial services firms face stricter data breach rules

Vivane Reding, vice-president of the European Commission and an EU Justice Commissioner, explained how the mandatory requirement, which already applies to telecoms and internet access, could help to improve consumer trust. In her speech to the British Bankers' Association's Data Protection and Privacy Conference today, she said: "I understand that some in the banking sector are concerned that a mandatory notification requirement would be an additional administrative burden. "However, I do believe that an obligation to notify incidents of serious data security breach is entirely propor...