PWC Finds Banks Non-Compliant With Privacy Act
A report from PricewaterhouseCoopers reveals that two-thirds of U.S. banks are non-compliant with disclosure standards for online privacy as outlined in the Gramm-Leach-Bliley Act.
According to the Act, which becomes effective July 1, 2001, a bank must declare that any business a customer conducts on the Internet is secure. Even though the implementation date is in the middle of next year, banks only have until Nov. 13 of this year to voluntarily put in place the various standards.
The findings came about from a survey PwC conducted, and the Big 5 firms surmised that banks may have a difficult time making changes in operations, management and training to meet the November deadline.