Senator Ron Wyden (D-OR) proposed an early draft of a bill that would create harsher penalties for companies that mishandle customer data.
Wyden’s draft proposal, called the Consumer Data Protection Act, would give the FTC more authority and resources to police the use of data by adding a total of 175 new staff. Under the proposal, the FTC would also be allowed to fine companies up to 4 percent of revenue for a first offense.
The legislation would also create a centralized Do Not Track list meant to let consumers stop companies from sharing their data with third parties, or from using it for targeted advertising.
I think this sounds fantastic. Companies like Equifax that put Americans in danger by not properly securing our data should be heavily fined. Having the executives jailed is a bonus.