The bill, titled the Data Breach Prevention and Compensation Act of 2024, aims to establish an Office of Cybersecurity within the Federal Trade Commission to oversee data protection at consumer reporting agencies. It requires these agencies to follow strict cybersecurity...
Simple Explanation
The Data Breach Prevention and Compensation Act of 2024 is a plan to help keep people's information safe on the internet by making sure businesses that collect lots of personal data, like credit report companies, follow strong protection rules and tell people if their data gets lost. If these rules are broken, the companies have to pay money, which is used to help fix the problem and possibly give money to the people affected.