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Data Breach Prevention and Compensation Act Introduced in Congress

Fri, Jan 12, 2018

Senator Elizabeth Warren (D-MA) and Senator Mark Warner (D-VA) introduced a bill to hold large credit reporting agencies - including Equifax - accountable for data breaches involving consumer data. 

If passed into law, the Data Breach Prevention and Compensation Act would give the US Federal Trade Commission the authority to inspect the companies that collect vast amounts of financial data on consumers to make sure they're protecting that information. It would also let the agency fine them in the event of a data breach, to the tune of $100 per affected consumer as a minimum. Half of that money would be redistributed to the consumers caught up in the data breach.