Citigroup Breach Raises Disclosure Questions

Citigroup(C_) customers' personal information and account numbers were exposed to hackers for several weeks and industry experts are questioning why the bank waited until today to reveal the breach.

Michael Dunne, a partner at Day Pitney, says that banks do not have a specific time frame when they need to notify customers of a security failure, although they are required to do so by law at some point.

"Each financial institution is supposed to notify customers of a data breach promptly, but there may be reasons for a delay," Dunne says. "One reason is they may have coordination with law enforcement. But generally you release a notice to customers right away, like the day after."

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- Posted: 2011-06-09 10:45:46

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