2 New Proposed Federal Breach Laws

By: Absolute Team | 10/6/2010

Two new national data security bills have been introduced in the US. Here's the rundown of each bill and its proposed standards:

Data Security and Breach Notification Act of 2010

and Senator John Rockefeller

  • Would require companies that suffer a breach to notify individuals, potentially trumping any state-by-state requirements
  • Bill is supported by the FTC
  • FTC suggests adding 3 additional provisions that would extend breach requirements beyond electronic information, would extend to telephone companies, and would give the FTC authority to determine if free credit reports / monitoring be provided
  • Bill can be downloaded here [PDF]

Data Security Act of 2010

  • Introduced by Senator Carper and Senator Bennett
  • Would require financial establishments, retailers, and federal agencies to safeguard sensitive information, investigate security breaches, and notify consumers when there is a substantial risk of identity theft or account fraud.
  • More info here

Via data breach watch

Financial Services