Security News > 2024 > May > SEC: Financial orgs have 30 days to send data breach notifications
The Securities and Exchange Commission has adopted amendments to Regulation S-P that require certain financial institutions to disclose data breach incidents to impacted individuals within 30 days of discovery.
Notify affected individuals within 30 days if their sensitive information is, or is likely to be, accessed or used without authorization, detailing the incident, breached data, and protective measures taken.
The modifications represent an important update to a rule initially adopted in 2000 that could no longer adequately protect customers' financial data privacy in today's cybersecurity landscape.
In December, the SEC also introduced new rules requiring all public companies to disclose that they suffered a breach if it materially affected or is reasonably likely to materially affect business strategy, results of operations, or financial condition.
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