Lawmakers Propose “Massive” Penalties for Data Breaches

Lawmakers Propose “Massive” Penalties for Data Breaches

Last Wednesday, Sen. Elizabeth Warren and Sen. Mark Warner introduced a bill which will heavily penalize companies like credit reporting agencies for data breaches.

In a press release, Warren added that the Data Breach Prevention and Compensation Act should provide robust compensation to affected parties.

Credit reporting agencies may be penalized as much as 50% of their gross revenue from the prior year. However, in cases of extreme negligence, the fine can go up to 75% of the companies’ prior year gross annual revenue.

Source: American Banker

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