|11 Sep 2011||#1|
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Bill Could Impose Stiff Fines on Companies With Lax Online Security
Sony executives bowed down before the Japanese and international press earlier this year to tell everyone “we’re sorry”, but for those of us wondering if our credit card numbers were being sold off on the seedier parts of the web, somehow “we’re sorry”, just didn’t cut it. A new law being presented by Democratic Senator Richard Blumenthal however will finally start holding large companies responsible for cyber security, and impose pretty harsh penalties on firms that don’t take the appropriate precautions.
|My System Specs|| |
|11 Sep 2011||#2|
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"If the new bill passes, Senator Blumenthal said, customers would be able to sue companies, like Sony, that do not take adequate precautions."
Sounds like it's going to be a limp bill with no teeth. People can sue now if they have deep enough pockets. And most credit card companies have automatic fraud protection. The fines are just another income cry by the Government. If he really wanted to help customers, the bill should propose automatic restitution for those affected by a security breach. Recovering from identity theft can take years and thousands of dollars. The "fines" should go to the customers or the banks that have to eat the fraud costs, not the Treasury.
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