Now moving on to the U.S. Senate, the Data Accountability Bill (HR.2221) establishes the Federal Trade Commission as the agency responsible for defining, establishing, and enforcing security standards. However, the FTC does not have the power to enforce regulations on government, banks, savings and loan institutions, the insurance industry, and non-profits, which include colleges and universities. These types of organizations account for the bulk of the cyber and privacy breaches reported to date.

Additional bills recently approved by the U.S. Senate Judiciary Committee and now ready for the full Senate vote include:

The Data Breach Notification Act-Bill S.139 (sponsored by Senator Dianne Feinstein). Requires U.S. agencies and businesses that engage in interstate commerce to report data breaches to victims whose personal information “has been, or is reasonably believed to have been, accessed, or acquired” without “reasonable delay.” The bill also requires that notice be provided to “major media outlets” of a state if the number of state residents affected by the breach exceeds 4,000.

Personal Data Privacy and Security Act-Bill S. 1490 (sponsored by Senator Patrick Leahy). This bill also includes notification requirements as well as tighter criminal penalties for identity theft and willful concealment of a breach. It requires businesses to implement preventive security standards against threats to their databases.

Calco Commercial Insurance Solutions Can Mitigate Your Risks. We have solutions to transfer the exposures and protect your bottom line. Obtain a cyber liability insurance quote online or call (877)225-2699.  Coverage available for companies based in California.

Tags: cyber liability insurance, cyber liability quote, privacy update

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