Mark Warner

Senators want 'massive' fines for data breaches at Equifax and other credit reporting firms

Senators want 'massive' fines for data breaches at Equifax and other credit reporting firms

Two senators on Wednesday proposed “massive and mandatory” fines for data breaches at Equifax Inc. and other credit reporting companies, starting at $100 for each consumer whose sensitive information is compromised.

The bill from Sens. Elizabeth Warren (D-Mass.) and Mark Warner (D-Va.) would add a $50 fine for each additional piece of compromised personally identifiable information for each consumer. The penalties would double in cases where the credit reporting firm did not comply with federal data security standards or failed to notify officials of the breach in a timely manner.

If the legislation had been in place when Equifax had a data breach last year that exposed the...

14°