Over the last 24 years, the nature, scale, and impact of data breaches has transformed substantially. 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.
The basic idea for covered firms is if you've got a breach, then you've got to notify. That's good for investors.
Notifications must detail the incident, what information was compromised, and how those affected can protect themselves.
The amendments will require covered institutions to develop, implement, and maintain written policies and procedures that are reasonably designed to detect, respond to, and recover from unauthorized access to or use of customer information.
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