A new effort by President Obama to tighten cybersecurity at financial institutions and other businesses could help light a fire under some firms that have historically been slower to react in the wake of a data breach and help financial institutions dealing with a tangle of confusing state laws.

The president teed up several new initiatives, urging lawmakers to renew the hot-button issue after multiple bills failed to gain traction in Congress last year. They included new legislation, the Personal Data Notification and Protection Act, which would establish national notification standards that mandate a notice to consumers within 30 days of a breach.

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