The U.S. Government Accountability Office said agencies such as the Federal Trade Commission and Consumer Financial Protection Bureau should get more power to bring enforcement actions against credit bureaus for data breaches, Nextgov reports. The GAO’s report states enhanced abilities to levy fines against credit bureaus can prevent incidents such as Equifax’s data breach from taking place. The GAO found regulators need to be able to administer fines without the need to calculate exact monetary losses, which could result in more cybersecurity investments from credit firms. The report recommends the CFPB find new data-collection mechanisms, as the current data sources do not accurately represent the firms under its jurisdiction.
Full Story