The Big Three Should Pay For Data Breach Notification Template
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Bloomberg | The Big 3 should pay for a template that outlines the extent of data breach notification and the costs of such notification, a policy proposal submitted to the Federal Communications Commission by the American Customer Satisfaction Index (ACSI) says.ACSI, an advocacy group for consumers, data and technology, is calling on the FCC to consider a template for disclosure and compensation of data breaches by major companies and other entities.ACSSI is an advocacy organization that works to ensure that companies disclose and compensate customers for data breaches, among other things.
The ACSSI proposal, to be presented at its March 14 meeting, would require companies to disclose any data breach in a manner consistent with the Federal Data Breach Reporting Act of 2014, and to include an explanation of how it occurred, including how it affects consumer and employee rights.
It also asks for an annual data breach compensation fund.
The proposed template, which has not yet been formally approved by the FCC, would be similar to a template used by the National Consumer Law Center, which advises on the regulation of consumer data privacy.
The ACSSIs proposal calls for an automatic reporting requirement for data breach notifications, which it says could reduce the cost of notification by 25 percent and improve consumer trust.
The proposal also would require a data breach notice be posted to the websites of major corporations and service providers, and it would provide a fee to the companies.
The fee would be based on the size of the breach, and the type of data, like credit card numbers and other personal information.
Companies would also have to pay a fee of up to $50,000 for a report on the extent and nature of the data breach.
They would have to provide written notice to customers of the cost, a date the breach occurred and the information that was collected and used.
The notice would be posted in the same format as the Federal Information Disclosure Act (FIDCA), which states that the FTC is “committed to providing consumers with information about data breaches and how to protect themselves.”
The proposal says that companies should notify customers of breaches and provide them with a copy of the report within five business days, and that they should send notification within 45 days.
The FCC has been weighing the proposal since it was proposed in April, but it’s only now that the proposal has been formally proposed and made public.
The public is also being asked to weigh in.
An online survey, hosted by ACSSi and the Center for Public Integrity, asks Americans how they think companies should be prepared to notify consumers about a data breaches.
The responses are below:
Bloomberg | The Big 3 should pay for a template that outlines the extent of data breach notification and the…
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