On Jan. 30, Senate Commerce Committee Chairman Jay Rockefeller (D-WV), in the wake of data breaches at Target and Neiman Marcus, reintroduced a bill aimed at curbing that threat. This marks Rockefeller's third effort at data security legislation. The measure would empower the FTC to develop protocols for companies holding consumer information. It would also require companies to notify consumers of a harmful breach, provide incentives for businesses to encrypt data and make both the FTC and state attorneys general enforcers of the law. In the event of a breach, companies would need to notify a federal entity established by the Homeland Security Department.
NAR has developed resources for our members to implement data privacy and security best practices. We will work with Congress to ensure that any legislation passed can be tailored to ensure that is does not unduly burden small businesses.