The Data Security & Breach Notification Act of 2015 is a legislative bill introduced by Republican Representative Marsha Blackburn and Democratic Representative Peter Welch. If passed, the act would establish a national standard for the way companies protect consumers’ personal information and respond to data breaches.
In a commentary published on www.CNBC.com on March 25, 2015, Blackburn and Welch stress the need for Congress to pass The Data Security & Breach Notification Act of 2015. Following are a few of the reasons given:
- In the last 10 years there have been 4,000 breaches.
- In the last 10 years, Congress has introduced 40 bills to address the cybersecurity problem, but none passed.
- Cyber-crimes cost consumers an estimated $100 billion annually.
- Cyber-crimes cost the U.S. economy an estimated 508,000 jobs annually.
- In 2013, approximately one third of all data breach notification recipients later became victims of identity fraud.
According to Blackburn and Welch,
Our bipartisan draft establishes a single national standard based on the existing state laws. It combines the security requirement with robust enforcement at the federal and state level to maximize enforcement and consumer access. This would send a clear message to companies to improve security for all consumers rather than playing games state by state. And, of course, consumers must be notified if they fall victim to identity theft or payment fraud because of a breach.
Whether The Data Security & Breach Notification Act of 2015 becomes law or not is still an unknown; but what is clear is the increasing concern by lawmakers, businesses, and consumers over data security. It is also clear that businesses – large, medium and small – need to take data security seriously in order to stay ahead of ever-changing and increasing legislation.
To read the full commentary by Blackburn and Welch, click here:
To get more information about The Data Security & Breach Notification Act of 2015, click here:
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