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It would potentially result in significant financial penalties being imposed on businesses such as Equifax, TransUnion and Experian if their cybersecurity does not defend against attackers attempting to obtain confidential information. They would also set up a new office for IT safety at the Federal Trade Commission and commission it to monitor IT safety in these businesses.
Senators Mark Warner and Elizabeth Warrens bill is in reply to a fallout at Equifax that put the information of 145 million Americans at danger. Its bill faces a rising rise in a Republican-led Congress, but if it became statute, would allow the federal administration to punish up to 75 per cent of a credit reporting agency's total revenues if a hack occurs.
"Our bill will impose heavy and binding sanctions for privacy violations at businesses such as Equifax - and provide solid redress for affected consumers," Warren said in a declaration. This bill would penalize a corporation with a $100 penalty for each user who would have jeopardized personally identifiable information in a privacy violation, with an extra $50 for each extra information that would be jeopardized for each user.
Penalties could amount to up to 50 per cent of a company's total turnover. However, this fine is doubled if the organization does not report the violation to regulatory authorities in a timely fashion or has inadequate levels of IT protection and can account for up to 75 per cent of a company's worldwide revenues in the last year.
Gott sued the credit ratings for reporting that he has no finance story.
New York business man sues a credit bureau alleging that they mistakenly said he had no past because the company's system refused to handle his first name - God. In fact, he says that an Equifax support engineer even proposed that he changed his name to solve the problem.
According to Mr. Gazarov, he has a high credit standing with the other two agencies, but nevertheless he could not buy a vehicle last year due to the Equifax valuation.