October 18, 2019
The Consumer Data Protection Act, more commonly known as the ‘Mind Your Own Business Act,’ would amend the Federal Trade Commission Act to authorize the creation of new authorities to regulate and punish online companies for privacy violations.
The bill, introduced by Oregon senator Ron Wyden, would establish minimum standards for privacy and data protection that every online business would have to meet.
Companies that violate those standards would face fines of up to 4 percent of their annual revenue for a first violation, according to a report by The Verge.
For comparison, Facebook’s recent settlement with the FTC for privacy violations required the company to pay a penalty of $5 billion.
That is the equivalent of a little less than 10 percent of the $55.8 billion in revenue the company generated in 2018.
‘Consumers must be able to control their own private information, companies must provide vastly more transparency about how they use and share our data,’ Wyden said in a statement released along with the text of the bill.
‘Corporate executives need to be held personally responsible when they lie about protecting our personal information.’
This article was posted: Friday, October 18, 2019 at 3:20 am