Data Breach

the obligation of a bank to give notice to the FDIC following a breach, it depends on whether the FDIC is its primary federal regulator.

When Must a Bank Report a Data Breach to the FDIC?

Section 501(b) of the Gramm-Leach-Bliley Act (GLBA) requires financial institution regulators (the “Agencies”) to establish financial institution standards for protecting the security and confidentiality of financial institution customers’ non-public personal information. These agencies include the Federal Deposit Insurance Corporation (FDIC),…