After a year of cyber attacks in which many large US retailers, like Target, Home Depot, were hit, US President Barrack Obama finally proposed a proposal on how consumers’ data should be handled and protected.
“As we’ve all been reminded over the past year, including the hack of Sony, this extraordinary interconnection creates enormous opportunities, but also creates enormous vulnerabilities for us as a nation and for our economy, and for individual families. This is a direct threat to the economic security of American families and we need to stop it. If we are going to be connected, we need to be protected,” Mr. Obama said
These are some key points in the President’s proposal:
- Data breaches must be informed within 30 days of the breach.
- Student information must also be protected and not sold to third parties
- “Consumer Privacy Bill of Rights” – allows consumers to determine how their information is used by firms online.
- More access to consumer credit reporting.