The Data Accountability and Trust Act (DATA) was approved by the U.S. House Energy and Commerce Committee last week and could soon be cleared by the House of Representatives. The, would mean all companies that affect their personal data.
According to the Federal Trade Commission, ID theft cost American consumers $5 billion and businesses $48 billion last year. The bill would allow the FTC to enforce standards on keeping data, and make companies appoint a head of security who would produce best practice and audits up to five years after an event., if a breach does occur, a company must notify any customers concerned and also tell the FTC, which can then demand an audit.
Dan Ilett of Silicon.com reported from London.