The Data Breach Prevention and Compensation Act would establish new cybersecurity regulations for credit reporting agencies and impose strict fines for those whose security is found wanting. It would also create a new cybersecurity office within the Federal Trade Commission tasked with ensuring that consumers are notified when their personal data is compromised. The bill, introduced by Senators Elizabeth Warren and Mark Warner, aims to incentivize the security around sensitive consumer data by imposing mandatory fines on agencies with flawed security. The fines would be capped at 50 percent of the companys gross revenue for the previous fiscal year.”]
Source: https://gizmodo.com/new-cybersecurity-office-would-oversee-companies-like-e-1821951267