Since the enactment of the Gramm-Leach-Bliley Act in 1999 (GLBA), information security issues have been a high priority for financial institutions and their regulators. With the rise of cybersecurity threats, security breaches have unfortunately become increasingly common and alarming as banks have shifted towards a more digital banking environment. The question is no longer “if” your institution will suffer a breach but “when.”
Breaches of data systems can be extremely costly and expose a financial institution to regulatory criticism, civil liability, and reputational risk. Bank regulators have long understood the inevitability of security breaches. While preventive efforts remain crucial, the real focus of examiners seems to be on the response. However, when a breach does occur, financial institutions must navigate a maze of federal and state breach notification laws to determine their response obligations.
For this reason, this Webinar will delve into the laws and regulations concerning information security breaches, including the specific requirements for financial institutions in responding to a breach. Please join us for an in-depth discussion of cybersecurity incident and response obligations for financial institutions.
