Interest in this bill remains strong according to several House and Senate committees who are “jockeying for jurisdiction.”
The details of this bill include the “requirement that companies notify consumers about data breaches that pose a risk of ‘substantial harm or inconvenience’ including identity theft.”
This bill is “modeled after privacy provisions in the Gramm-Leach-Bliley Financial Services Modernization Act that apply to all financial institutions and through the new bill would apply to all entities that handle sensitive consumer data.”
Bennett was quoted as saying, ““Though current law requires financial institutions to protect the security and confidentiality of customer information, we have to expand this reach. Many of the recent breaches in data security have occurred outside financial institutions’ networks.”
