Online security: New bill to punish companies for breaches
To protect people's online security, Congress introduced a new bill that would penalize corporations for leaks and hacks. Will such a law improve online security?
The bill, introduced Thursday and called the Personal Data Protection and Breach Accountability Act of 2011, aims to protect a citizensâ€™ privacy and online security.
Only companies that store data online for over 10,000 people would be affected by the bill. If passed, the bill would require those companies to follow a set of guidelines to ensure all the personal data they store is sufficiently protected. Those that donâ€™t follow the guidelines would be at risk of racking up hefty fines from the government.
Should the bill pass, customers who entrust their personal information online would be able to sue companies in charge of that data in the event of a preventable security breach.
I donâ€™t know that a bill like this is necessary. Companies are already suffer plenty of losses â€“ both money and credibility â€“ when data breaches occur. Ultimately if a company doesnâ€™t care about its consumersâ€™ personal privacy, it likely wonâ€™t stay in business long.