Mind Your Own Business Act - ThreatWire CrossPost (Patreon)

By Shannon Morse, ThreatWire 

Senator Ron Wyden from Oregon, just introduced a bill aimed at data privacy in regards to big tech platforms like Facebook. He calls the bill, I’m not joking, it’s called the “Mind Your Own Business Act” and it would make tech companies face harsh penalties if they fail to meet his security and privacy standards. The bill, if approved, would give the Federal Trade Commission more authority to establish minimum cybersecurity standards for tech companies. It would also be authorized to fine four percent of a company's annual revenue for a first time offense. 

It’s obvious that this bill is aimed at Facebook, who has been fined minimally in the past for privacy issues, and it was inspired by the fees within GDPR. Empowering the FTC with these new rules would allow the commission to enact first-time privacy violation fees and give a direct hit to senior executives because it would also make it a crime for them to knowingly lie to an agency about privacy or security. State attorneys general could enforce the regulation as well. If a senior executive was found lying, they could face up to 20 years in prison.

Wyden wants to enact federal Do Not Track requirements with this bill so consumers could opt out of data tracking, and he also wants to make privacy-first versions of platforms a requirement. The Mind Your Own Business Act would also force tech companies to give consumers a way to review the personal information stored about them, whom it’s been shared or sold to, and the ability to challenge inaccuracies. Wyden included clauses that would require companies to assess algorithms used to process consumer data to determine info such as bias and discrimination, extend protections for low income individuals so privacy isn’t deemed as a luxury product, and levy tax penalties on CEOs.

Will it be passed into law with all of the bill intact? Probably not, but this is the strictest one we’ve seen advocating for consumer privacy and security. Even a watered down version would be a good start, but it would still require a passing vote. Wyden’s bill is one of many being introduced on the floor this year, and hopefully one of them will be passed.

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https://www.theverge.com/2019/10/17/20917988/ron-wyden-facebook-privacy-data-regulation-do-not-track

https://www.zdnet.com/article/us-senator-introduces-privacy-bill-that-would-jail-ceos-for-user-privacy-violations/

https://threatpost.com/execs-jail-time-privacy-violations/149334/

https://www.cnet.com/news/senator-proposes-data-privacy-bill-with-serious-punishments/