02 Nov 2018
A senior Democratic U.S. senator on Thursday unveiled draft legislation that would allow hefty fines and as much as 20-year prison terms for executives who violate privacy and cybersecurity standards.
Senator Ron Wyden released a draft of legislation that would grant the Federal Trade Commission authority to write privacy regulations.
The measure would also allow maximum fines of 4 percent of revenue – matching European rules adopted earlier this year.
“It’s time for some sunshine on this shadowy network of information sharing,” Wyden said in a statement. “My bill creates radical transparency for consumers, gives them new tools to control their information and backs it up with tough rules.”
– By David Shepardson, Reuters, 2 November 2018.
Link to Reuters.
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