New legislation to impose data breach penalties

Sources close to the LSCU report that Sens. Elizabeth Warren (D-MA) and Mark Warner (D-VA) will introduce legislation later today that creates significant new penalties for data breaches that occur at credit reporting agencies. The Data Breach Prevention and Compensation Act would impose $100 fines for each consumer who has personal information breached at a […]

Sources close to the LSCU report that Sens. Elizabeth Warren (D-MA) and Mark Warner (D-VA) will introduce legislation later today that creates significant new penalties for data breaches that occur at credit reporting agencies.

The Data Breach Prevention and Compensation Act would impose $100 fines for each consumer who has personal information breached at a credit reporting agency, with additional $50 fines for succeeding bits of information breached.  There would be a cap of 50 percent of the gross revenue at the credit reporting agency.

The bill also creates an Office of Cybersecurity at the Federal Trade Commission, responsible for cybersecurity examinations at credit reporting agencies to ensure compliance with new safeguards that will be prescribed by FTC.

The LSCU will keep you updated as more is learned.

 

Written by
admin
View all articles

About Us

The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

LSCU Mission Statement

To create an environment that enables credit unions to grow and succeed.

LSCU Vision Statement

To be the trusted advocate and preferred source of information for credit unions.

If you need to reach us, e-mail communications@lscu.coop

Social Channels

Follow us on all major social media platforms.