TD Bank will have to pay steep penalties and reform its data security policies following a 2012 breach that exposed over 260,000 customers’ personal information. In addition to paying a $850,000 penalty, TD Bank has agreed that it will no longer transport unencrypted backup tapes and will implement other security measures such as employee training and a biannual review of its practices regarding the collection, storage, and transfer of consumers' personal information. TD Bank will also have to notify residents of the affected states in a timely manner of any future breaches or unauthorized access to their personal information.
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TD Bank pays state AGs $850,000 to resolve breach investigation
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