11 Jan 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
