January 10, 2018

Reuters: U.S. Senate Democrats propose fines for credit reporting agency hacks

WASHINGTON, Jan 10 (Reuters) - Two Senate Democrats are proposing large new fines for credit reporting agencies that lose consumers' personal information in data breaches, according to a bill they introduced on Wednesday.


Senators Mark Warner and Elizabeth Warren's bill is in response to a data breach at Equifax that put the information of 145 million Americans at risk. The bill faces an uphill climb in a Republican-led Congress, but if it became law, would allow the government to fine as much as 75 percent of a credit reporting agency's gross revenue should a hack occur.

"Our bill imposes massive and mandatory penalties for data breaches at companies like Equifax and provides robust compensation for affected consumers," Warren said in a statement.

Read the full article on the CNBC website here.