Five Republican senators have introduced what’s been dubbed the “Data Security and Breach Notification Act of 2012,” as a way to compel corporations and other entities to disclose data breaches.
The bill, introduced in the US Senate on Thursday, will require that data owners, as well as the Secret Service or the FBI, be informed of the loss “as expeditiously as practicable.” The entities must disclose how the information was stolen and how to contact the company in question. There are exceptions for such notifications in the case of national security.
Such data, of course, would include Social Security numbers, financial data, and security codes or passwords. Failure to comply would result in a fine of as high as $500,000.