Karl Finders reports:
A crackdown on businesses which will make it mandatory to report security breaches will have little impact on UK banks, according to the British Bankers Association (BBA).
Speaking at the BBA’s Data Protection and Privacy Conference, Viviane Reding, vice-president of the European Commission, said new rules will be implemented in Europe forcing businesses to report security breaches.
“I intend to introduce a mandatory requirement to notify data security breaches, as I did for telecoms and internet access when I was telecoms commissioner, but this time for all sectors, including banking and financial services,” she said.
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Reding said some banks are concerned about the extra work that could be created. “I understand that some in the banking sector are concerned that a mandatory notification requirement would be an additional administrative burden. However, I believe that an obligation to notify incidents of serious data security breach is entirely proportionate and would enhance consumers’ confidence in data security and oversight mechanisms.”