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Companies to publicly admit suffering data breaches?

A recent British Bankers Association conference on data protection and privacy has seen the EU Justice Commissioners and Vice President of the European Commission speak about plans to force companies to admit their data breaches.

Viviane Reding said her intention was to introduce a mandatory requirement to notify – “the same as I did for telecoms and internet access when I was Telecoms Commissioner, but this time for all sectors, including banking and financial services.”

With EU data protection rules dating back to 1995, Reding feels that the legislation needs updating, which will ensure businesses “ do their share to ensure safe and transparent digital products and services.”