An Act relative to the security of personal financial information

This bill updates Massachusetts laws to strengthen the security of personal financial information held by financial institutions and other covered entities. It establishes clear definitions for terms like "personal information," "breach of security," and "encrypted" data to ensure consistent understanding across the state. The legislation mandates that organizations implement specific administrative, technical, and physical safeguards to protect sensitive data such as Social Security numbers and financial account details. Additionally, it outlines strict requirements for notifying affected residents if a security breach occurs, including provisions for written, electronic, or substitute notices when direct contact is not feasible.