Democratic senator Elizabeth Warren is proposing a new law that would see companies fined for data breaches that are on the scale of the Equifax data breach:
Sen. Elizabeth Warren of Massachusetts and Sen. Mark Warner of Virginia introduced a bill Wednesday that aims to make data breaches hurt companies’ bottom lines. The bill addresses problems the lawmakers say let credit reporting agencies collect consumer data without doing enough to protect it from hackers.
In the case of the Equifax breach, that would have meant a fine of at least $14.3 billion. However, the fines would be capped at 50 percent of a company’s gross revenue from the prior year.