On Thursday, Senator Ron Wyden (D-Ore.), a prominent privacy hawk, unveiled a draft bill that seeks to slap harsher penalties on companies–and chief executive officers–who run afoul of new rules that include expanded government oversight of the tech industry. The Consumer Data Privacy Act, as the bill is tentatively named, takes its cue from Europe’s General Data Privacy Regulation, or GDPR, which can fine companies up to 4% of their global, annual revenues for infractions. But Wyden’s bill goes even further; in addition to that penalty, the proposed law would jail CEOs up to 20 years with individual fines reaching as high as $5 million for CEOs who knowingly mislead regulators.
If GDPR has teeth, Wyden’s proposal has fangs–and they’re set on the jugulars of corporate heads. The law would require big firms–ones with revenues exceeding $1 billion or who store data on more than 50 million consumers or their devices–to submit “annual data protection reports” to the government which lay out their consumer data-securing practices. It would force companies to comply with “do not track” …read more
Source:: Fortune.com – Tech