Proposed bill would make it easier to press charges against tech execs for privacy breache...
A new bill introduced by Massachusetts Senator Elizabeth Warren would make it easier to bring criminal charges against corporate executives for the way they handle data breaches and privacy.
The Corporate Executive Accountability Act would "establish criminal liability for "negligent executive officers of major corporations, and for other purposes," according to initial wording. Only businesses with over $1 billion in annual revenue would be subject, and it would also be limited to violations affecting 1 percent or more of a state or the nation.
Executives could face a fine and/or a prison sentence up to a year for their first offense, any prison time scaling up to three years for subsequent crimes.
While not limited to data issues, the Act could easily be brought to bear against businesses like Facebook and Equifax, both of which have experienced data breaches affecting millions of U.S. residents. In an editorial published in the Washington Post on Wednesday, Warren -- who is running for President -- argued that executives too often escape punishment in cases of negligence, and that even when they're forced out of a company, they can leave with millions of dollars in exit pay.
The Senator has made tackling corporate monopolies, corruption, and wealth inequality a centerpiece of her early campaign. Most famously she's proposed breaking up the major U.S. tech platforms, including Apple, specifically suggesting that it should spin off the App Store given that first-party apps have unfair advantages. That would not be unprecendented given previous U.S. breakups of monopolies like AT&T, Microsoft, J.P. Morgan, and Standard Oil.
She also supports "right to repair" legislation, focusing on the farming industry. Apple has opposed such laws, claiming they could expose company secrets and create safety and security problems -- but has also said that they would withdraw objections if smartphones were exempt. While there are innumerable third-party Apple repair firms around the world, only Apple and its authorized service providers are able to perform full service in a way that doesn't void warranties.
At present, the company doesn't provide parts or repair manuals outside of its official network.
The Corporate Executive Accountability Act would "establish criminal liability for "negligent executive officers of major corporations, and for other purposes," according to initial wording. Only businesses with over $1 billion in annual revenue would be subject, and it would also be limited to violations affecting 1 percent or more of a state or the nation.
Executives could face a fine and/or a prison sentence up to a year for their first offense, any prison time scaling up to three years for subsequent crimes.
While not limited to data issues, the Act could easily be brought to bear against businesses like Facebook and Equifax, both of which have experienced data breaches affecting millions of U.S. residents. In an editorial published in the Washington Post on Wednesday, Warren -- who is running for President -- argued that executives too often escape punishment in cases of negligence, and that even when they're forced out of a company, they can leave with millions of dollars in exit pay.
The Senator has made tackling corporate monopolies, corruption, and wealth inequality a centerpiece of her early campaign. Most famously she's proposed breaking up the major U.S. tech platforms, including Apple, specifically suggesting that it should spin off the App Store given that first-party apps have unfair advantages. That would not be unprecendented given previous U.S. breakups of monopolies like AT&T, Microsoft, J.P. Morgan, and Standard Oil.
She also supports "right to repair" legislation, focusing on the farming industry. Apple has opposed such laws, claiming they could expose company secrets and create safety and security problems -- but has also said that they would withdraw objections if smartphones were exempt. While there are innumerable third-party Apple repair firms around the world, only Apple and its authorized service providers are able to perform full service in a way that doesn't void warranties.
At present, the company doesn't provide parts or repair manuals outside of its official network.
Comments
"The Senator has made tackling corporate monopolies, corruption, and wealth inequality a centerpiece of her early campaign."
https://www.washingtonpost.com/politics/2019/02/19/does-walton-family-earn-more-minute-than-walmart-workers-year/
Combined with tax breaks for this level of wealthy, lack of salary tax, etc, and the case is solid that this sort of wealth hoarding and consolidation is a very real pulling up of the ladder, and does actual harm to the economy.
The reality is after a data breach the company might be fined a pitifully small amount. There will be NO jail time for execs, the worst thing that will happen is being let go. Can you call it “fired” ... If they sail away on their golden umbrella?
This is political grandstanding and total BS. These politicians get elected by donations from the tech elite.
In these situations, the lowly tech that warned of potential vulnerabilities (but whose manager ignored) will be the “fall guy” and fired.
I’m all for security being priority number one, but the reality is dollars rule. The best and maybe the only thing the public can do, is shunning companies that screw up.
Hello there Facebook...
Yep, people still use their services... back to the drawing board.
http://www.usdebtclock.org/
But it looks like at least some plans are still going forward: https://www.bloomberg.com/news/articles/2018-07-30/floating-island-project-pushes-on-without-peter-thiel-s-support
What kind of “napkin” do you think he meant? He’s talking about “a lot on her plate”.