GAO: Equifax-like Breaches Require Greater Civil Penalties Require greater civil penalties against consumer reporting agencies, such as Equifax. The report also comes as the House Committee on Oversight and Reform is conducting hearings about data security at consumer reporting agency. The GAO report states that larger penalties would help to ensure that companies take better security precautions to protect consumer data. Currently, the FTC has the ability to fine companies under the Fair Credit Reporting Act, but the GAO recommends that Congress expand the commission’s ability to issue civil penalties.”]
Source: https://www.govinfosecurity.com/gao-equifax-like-breaches-require-greater-civil-penalties-a-12260