Obama to Present Consumer Cybersecurity Measures

This article was last updated on April 16, 2022

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President Barack Obama has announced to soon present a proposal that will house laws aimed to improve consumer cybersecurity. According to the statement, Mr. Obama will present two legislative proposals aimed to protect consumers’ personal and financial information during his speech at the Federal Trade Commission in Washington on Monday. These laws will focus on privacy of student data collected by schools and corporations in light of growing threat of identity theft, data breaches and online fraud to Americans.

The official statement issued by the White House explained that “recent polls show that nine in 10 Americans feel they have in some way lost control of their personal information—and that can lead to less interaction with technology, less innovation, and a less productive economy.” Furthermore, it was explained that the proposals would technically lay out corporate responsibilities in the event of a data breach and limit companies’ ability to sell student data or advertise to students.

In addition to that, the president will unveil new voluntary commitments from companies in the financial services, energy and education sectors in order to better protection of vulnerable consumer data. Banking giants J.P. Morgan Chase & Co. and Bank of America Corp. have already agreed to offer their customers free access to their credit scores. The White House revealed that 75 education companies are already on board to beef up protections against misuse of student data and the Department of Energy is also releasing a new voluntary code of conduct for utilities and other companies on protecting electricity customer data.

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