Had a data breach? Well, SPEAK UP, big biz – Obama The White House is lobbying Congress to pass a breach disclosure law, forcing firms to admit security breaches within 30 days in cases where customer data has leaked. The legislative push comes in the wake of high-profile breaches at retailers including Target and Home Depot, highlighting a lack of uniform breach disclosure …
If a law like this ever passes, it's going to have so many teeth pulled it will basically be reduced to:
1. Big companies that are careless with customer data must report this to their board and majority shareholder, who have the option to inform the media and public pending a unanimous decision made by all these people who might lose value if a disclosure is made.
2. The penalty for noncompliance will be no more than five thousand dollars in total. Companies that pay this fine can apply the full value of this payment for a deduction on their tax of that year.
And that's what's considered a "fair compromise"! Between keeping people safe from identity theft, and keeping the government regulations out of the free market!
Hang on - it's only "plans" at this point.
If the legislation does pass, either these "plans" will have been entirely forgotten, or there will be so many loopholes around the wording that they may as well not have been included at all.
We're talking about Big Money. Nothing gets in the way of Big Money, especially not the Law.
...it's unclear whether or not Obama's proposals will attract the cross-party support needed for them to become law.
It's also unclear that a snowflake might survive in Hell. In fact, I would place my money on the snowflake first. Unfortunately, I don't think anyone from either political party in the US anticipates much in the way of cooperation between the Republicans in congress and the POTUS.
The Register 
Biting the hand that feeds IT
Copyright. All rights reserved © 1998–2024
