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In the US, Arra Hitech privacy legislation (2009) introduced – and enforced – strict guidelines around breach disclosure and notification.
The company also offered free credit monitoring for a year in the wake of the breach disclosure.
In countries with breach disclosure laws, lost business following a data spillage totaled $135 per affected individual in the U.S. and $61 in Germany.
Obviously, many things went wrong during the breach disclosure and in the aftermath, and people are rightfully upset at the way Equifax has handled the situation.
And in Europe tighter laws were introduced this May to bring in a universal breach disclosure requirement and raise penalties for data protection failures.
Another thing to note is that new rules incoming in the European Union will set a data breach disclosure standard of 72 hours from May next year.
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While breach disclosures punish companies, it isn't clear that they directly protect consumers.
Sad to say, data breach disclosures are an all too regular occurrence these days.
The watchdog has more guidance on how data controllers should handle breach disclosures here.
Those rules allow the company to avoid breach disclosures if an audit firm decides that a breach didn't constitute a real privacy risk.
The regulation sets a new standard for breach disclosures — of just 72 hours after a company has become aware of an intrusion that has compromised personal data.
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CEO of Professional Science Editing for Scientists @ prosciediting.com