New legislation introduced in the US Senate by Elizabeth Warren (D-MA) and Mark Warner (D-VA) would result in credit reporting agencies being slapped with stiff fines if they play fast and loose with data security. The Data Breach Prevention and Compensation Act [PDF] would impose a mandatory $100 fine per person affected on credit agencies that leak customer records each with at least one piece of personal identifying information (PII), and an additional $50 fine for every other piece of PII exposed.
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