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Proposed Legislation Would Create Office of Cybersecurity at FTC

January 12, 2018

Via: Security Week

Two Democratic senators, Elizabeth Warren, D-Mass., and Mark Warner, D-Va, introduced a bill Wednesday that would provide the Federal Trade Commission (FTC) with punitive powers over the credit reporting industry — primarily Equifax, Credit Union and Experian — for poor cybersecurity practices.

The bill is in response to the huge Equifax breach disclosed in September, 2017. “Equifax allowed personal data on more than half the adults in the country to get stolen, and its legal liability is so limited that it may end up making money off the breach,” said Senator Warren in a Wednesday statement.

If the bill succeeds, it will become the Data Breach Prevention and Compensation Act of 2018.

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