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Cybersecurity

Banks Battle Retailers Over Proposal to Disclose Consumer Hacks

  • House bill sets a federal standard for timely notification
  • Equitax and financial firms would be exempt under the law
Computer Data Tech Following Unprecedented Global Cyberattack
Photographer: Chris Ratcliffe/Bloomberg

American banks and retailers are sparring over whether financial firms should follow a new national standard to quickly notify consumers when they’ve experienced a data breach.

Equifax Inc. said last week that it would notify an additional 2.4 million consumers who were hacked during its massive data breach in 2017 -- but a draft of a House bill with bipartisan support would exempt the credit-reporting agency from the new requirements.