Bill Would Target Data Breaches
Two Senate lawmakers introduced a bill Wednesday that would require financial institutions, retailers, federal agencies and others to do more to safeguard sensitive information and to investigate security breaches.
The bill offered by Sens. Tom Carper, D-Del., and Robert Bennett, R-Utah also would require these entities to notify consumers when there is a "substantial" risk of identity theft or fraud becauase of a security breach involving their sensitive information. It would apply to retailers who take credit card information, data brokers who compile private information and government agencies that hold nonpublic personal information, according to a news release.
The senators note that while most states have enacted laws requiring that consumers be notified of security breaches, they have differing and conflicting standards that pose a burden to businesses. Under the law, regulators of entities that do not comply would have the authority to levy fines, require corrective measures or even bar individuals from working in their respective industries.
"We need to replace the current patchwork of state and federal regulations for identity theft with a national law that provides uniform protections across the
country," Carper said. "This comprehensive approach will better serve consumers by
making it easier for businesses and government agencies to take the steps necessary to adequately protect all Americans from identity theft and account fraud."
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