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Daily Dashboard | US financial regulators discuss cloud data obligations Related reading: Notes from the IAPP, Feb. 21, 2020

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The Wall Street Journal reports U.S. financial regulators have reminded banks and brokers they are still responsible for consumer data stored on a third-party cloud. While attending a Financial Industry Regulatory Authority conference, Securities and Exchange Commission Senior Examiner Salvatore Montemarano explained how liability for cloud data breaches falls back on companies that own the data. “Even if you have identified who has responsibility for what controls, you’re still outsourcing your services and your control of that data, and the firm is still going to be responsible,” Montemarano said. (Registration may be required to access this story.)
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