Sen. Chris Coons, a member of the Senate Small Business and Entrepreneurship Committee, introduced legislation to provide notification requirements and free credit reports to small businesses in the wake of a data breach. Senator Coons introduced the legislation along with U.S. Sens. Marco Rubio, R-Florida; John Kennedy, R-Louisiana; and Doug Jones, D-Alabama.
“Building and maintaining healthy credit is critical for entrepreneurs as they acquire funding to grow their businesses. That’s why it is so vital that government help protect the private credit information of small business owners, not just consumers. I’m proud to introduce the bipartisan Small Business Credit Protection Act, which ensures if a small business’s private data is breached, business owners will be notified by credit bureaus just as swiftly as individuals are,” said Coons.
The Small Business Credit Protection Act would inform small businesses if their nonpublic personal data has been exposed to a data breach, no later than individuals must be notified under state law; prohibit credit bureaus from charging small businesses for a credit report within 180 days following a breach; and direct GAO to conduct a report determining the economic impact of credit reporting company data breaches on small businesses.