Two Senate Democrats are proposing large new fines for credit reporting agencies that lose consumers’ personal information in data breaches, according to a bill they introduced on Wednesday.
The bill would impose potentially significant fines against companies like Equifax, TransUnion, and Experian if their cyber security fails to ward off hackers trying to obtain sensitive data. It also would establish a new Office of Cybersecurity at the Federal Trade Commission, and charge it with monitoring cyber security at those companies.
