The Mind Your Own Business Act, proposed by Sen. Ron Wyden (D-Ore.) on Thursday, gives the FTC the ability to establish privacy and security standards for tech platforms. If companies violate these standards, they could face fines of up to 4 percent of a company s global turnover. Senior executives who knowingly lie to the FTC could face up to 10- to 20-year criminal penalties under the act. The bill would also create a national Do Not Track system that bars companies from tracking consumers on the web, selling or sharing their data, or targeting advertisements based on their personal information.
Source: https://threatpost.com/execs-jail-time-privacy-violations/149334/