Bill Would Establish Cybersecurity Inspections, Impose Mandatory Penalties, and Compensate Consumers for Stolen Data

“United States Senators Elizabeth Warren (D-Mass.) and Mark Warner (D-Va.) today introduced the Data Breach Prevention and Compensation Act to hold large credit reporting agencies (CRAs) – including Equifax – accountable for data breaches involving consumer data. The bill would give the Federal Trade Commission (FTC) more direct supervisory authority over data security at CRAs, impose mandatory penalties on CRAs to incentivize adequate protection of consumer data, and provide robust compensation to consumers for stolen data. In September 2017, Equifax announced that hackers had stolen sensitive personal information – including Social Security Numbers, birth dates, credit card numbers, driver’s license numbers, and passport numbers – of over 145 million Americans. The attack highlighted that CRAs hold vast amounts of data on millions of Americans but lack adequate safeguards against hackers. Since 2013, Equifax has disclosed at least four…

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