Paul Smocer, president of The Financial Services Roundtable's technology-policy division BITS, said that legislation focused on cybersecurity is likely in 2012 and that banks should be prepared for it. "Legislatively, we can expect, probably, to see the emergence of a national law," Mr. Smocer said. "We in the financial-services industry already have that to some degree from Gramm-Leach-Bliley compliance, but we have the state level as well. It would be an advantage to have less diffusion and more standardization, so that consumers are being notified in the same way every time a breach occurs, regardless of the state they are in."

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