Senator Ron Wyden [D-OR] (in the past) has presented the Consumer Data Protection Act, which extends non-public criminal legal responsibility to the CEOs of companies price greater than $1B or who hang knowledge on greater than 50,000,000 individuals who knowingly deceive the FTC in a newly mandated device of annual experiences at the steps the corporate has taken to protected the information.
CEOs whose companies mislead the FTC about those measures will face 20 years in jail and $five million in fines for breaches.
This rings a bell in my memory of the criminal legal responsibility regime within the Sarbanes-Oxley invoice handed after the Enron scandal, which threatened prison sentences for CEOs who signed their identify to false monetary statements and had far-reaching penalties (as an example, document labels were robotically operating “third shift” pressings to supply further, off-the-books copies of well-liked CDs that might be offered in document shops however with out sending any royalties to the musicians concerned — after SOX, this got here to an abrupt halt).
It seems that after the CEO’s freedom is at the line, companies arrange to create actually efficient insurance policies to perform no matter it’s the corporate must do to stay the CEO out of jail: “Depend upon it, sir, when a man is aware of he’s to be hanged in a fortnight, it concentrates his thoughts splendidly.”
From Facebook’s Cambridge Analytica scandal to Verizon getting busted covertly monitoring wi-fi customers across the web, it has grow to be transparent there’s now not a lot in the way in which of authentic duty or transparency in terms of cavalier remedy of person knowledge.
From the wrist slap Equifax gained for failing to give protection to the non-public knowledge of 145 million Americans, to the SIM hijacking and placement knowledge scandals plaguing the wi-fi sector in contemporary years, significant government inquiries, investigation, and punishment are regularly missing.
“It’s time for some sunshine on this shadowy network of information sharing,” Wyden mentioned. “My bill creates radical transparency for consumers, gives them new tools to control their information and backs it up with tough rules with real teeth to punish companies that abuse Americans’ most private information.”
The problem is that massive business lobbyists will most probably line up towards a invoice that essentially protects privateness, which means that Wyden’s invoice faces a steep uphill climb.
Sen. Ron Wyden Introduces Bill That Would Send CEOs to Jail for Violating Consumer Privacy [Karl Bode/Motherboard]
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