(Bloomberg) -- Following corporate data breaches of companies including Sony Corp. and Target Corp., President Barack Obama today is proposing legislation to protect consumers who are victims of such cybertheft.
Mr. Obama in a speech at the Federal Trade Commission will outline his State of the Union cybersecurity and identity theft platform, saying most people in the U.S. think their personal data isn’t safe online. The White House released a fact sheet today detailing the plans.
The cybersecurity plans are the latest in a series of domestic policy priorities Obama is laying out ahead of the Jan. 20 State of the Union speech to Congress. Last week, he traveled to Detroit, Phoenix and Knoxville, Tennessee, to talk about the U.S. auto industry recovery. He also took steps to spur growth in the housing market for low-income buyers and promised free community college to qualified students.
With his approval rating at 44 percent last week, according to the Gallup Poll, and increasing strife in the Middle East and with Russia, Obama is looking to use domestic initiatives to make political gains.
The proposed cybersecurity legislation would require companies that have consumer data hacked to notify customers who are at risk. It would also criminalize the overseas trade in fraudulent identities. Companies would have 30 days from learning of a breach to tell customers.
JPMorgan, Bank of America
Obama today also will announce that companies including JPMorgan Chase & Co. and Bank of America Corp. will partner with Fair Isaac Corp. to offer credit card customers their credit scores for free. The offer is intended to make it easier for customers to notice identity theft, the White House said.
Today’s announcement also addresses digital privacy of students, including a legislative proposal to protect data collected from students that is only being used for educational purposes. The measure would prevent companies from selling student data for business purposes and from advertising to students based on the data collected.
Seventy-five companies signed a pledge to provide parents, teachers, and students with protections to safeguard against misuse of data. The pledge was led by the Future of Privacy Forum, a Washington-based group that focuses on data practices, and the Software & Information Industry Association, a Washington trade group.
“We are proud to stand with President Obama in support of student privacy,” Apple Inc. spokeswoman Rachel Wolf said in an e-mailed statement. “Education is in Apple’s DNA and we work with schools across the country to provide the best tools for students, teachers, and parents.”
Ahead of next week’s State of the Union speech, Obama also plans to promote broadband Internet access this week. He intends to travel to Iowa on Wednesday.
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