Three U.S. Senators have introduced a bill that would require jail time for corporate executives who do not notify consumers of a breach within 30 days.
The Data Security and Breach Notification Act will require quick notification of breaches and impose new penalties for the executive of any companies that withhold such information from the public. If the news of a breach is not released within 30 days the executives in charge could face up to five years in jail.
The bill also requires that the Federal Trade Commission create strict standards business will have to follow to protect personal and financial data. In addition, the legislation incorporates a carrot and stick approach providing incentives to companies that adopt any technology that will make consumer data unusable if compromised.
The Data Security and Breach Notification Act will require quick notification of breaches and impose new penalties for the executive of any companies that withhold such information from the public. If the news of a breach is not released within 30 days the executives in charge could face up to five years in jail.
The bill also requires that the Federal Trade Commission create strict standards business will have to follow to protect personal and financial data. In addition, the legislation incorporates a carrot and stick approach providing incentives to companies that adopt any technology that will make consumer data unusable if compromised.
Copy of Data Security and Breach Notification Act (Embedded)
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