The Gramm-Leach-Bliley Act of 1999 stepped up the requirements for banks to look after their customers' personal information. "Banks have data privacy requirements and safeguards requirements and have responsibilities to take various measures to protect their customers' data, both from external hacking and from internal malfeasance," says Satish Kini, a Washington-based partner at Goodwin Proctor LLP. "You audit and you attest to those programs on a regular basis."
"Does that mean a bank can prevent any outside person from hacking or prevent an insider person from committing a crime? No. You can just protect yourself as much as possible," he adds.
See full Article.
Posts
