{"database": "press", "table": "releases", "rows": [["http://perlmutter.house.gov/news/documentsingle.aspx?DocumentID=1471", "Perlmutter Introduces Legislation to Help Mitigate the Impacts of Data Breaches", "2016-09-15", "2016", "2016-09", "Democrat", "House", "CO", "Ed Perlmutter", "P000593", "perlmutter.house.gov", null, null, "legacy", "Washington, D.C. \u2013 Today, U.S. Rep. Ed Perlmutter (CO-07) introduced new legislation encouraging American businesses to fortify their systems and networks in an effort to mitigate the impact of cyber-attacks and data breaches.\r\nThe Data Breach Insurance Act (H.R. 6032) provides a two-prong approach by providing a fifteen percent tax credit to companies who purchase data breach insurance coverage and adopt the National Institute of Standards and Technology (NIST) Cybersecurity Framework or any other standard approved by the Secretary of Treasury. The tax credit will help offset some of the costs associated with implementing the cyber frameworks such as risk assessments, hardware/software upgrades, employee education, training, and vendor testing.\r\nIn 2014, there were 783 reported data breaches in the U.S. which exposed 85.6 million records, according to the Bipartisan Policy Center. The average cost of a data breach is now $3.8 million, up from $3.5 million a year ago, according to data security research organization, Ponemon. And IBM estimates businesses are attacked an average of 16,856 times a year \u2013 or 46 attacks on every business every day, nearly two attacks an hour.\r\n\u201cWhether in the private sector or government sphere, hacks expose vulnerabilities and compromise our personal information including our financial records and identifications. They inconvenience our lives requiring new credit cards, credit monitoring and ID theft protection, and they can cost companies their reputations and billions of dollars,\u201d said Perlmutter. \u201cAs more and more businesses become targets of cyber-attacks, it is more important than ever for them to be protected. That\u2019s why I\u2019m introducing this legislation to help do more to prevent massive data breaches that compromise millions of American\u2019s private and personal information.\u201d\r\nThe Data Breach Insurance Act helps businesses realize the value proposition of purchasing data breach insurance and the NIST Cybersecurity Framework as risk mitigation tools. This legislation will also help develop a robust data breach and cyber liability insurance marketplace to\u00a0 help businesses cover legal and liability costs, costs of notifying affected consumers, business interruption, settling cyber extortion threats, among others.\r\n\u201cWith the adoption of a cybersecurity framework preventing breaches on the front end and insurance to protect businesses on the back end, this legislation provides a two-pronged approach helping businesses take the necessary steps to address this growing threat,\u201d continued Perlmutter.\r\nIn response to President Obama\u2019s Executive Order (EO) 13636, Improving Critical Infrastructure Cybersecurity which was issued in 2013, NIST developed its Cybersecurity Framework with extensive private sector input and released it in February 2014. According to NIST, thirty percent of businesses currently use the Cybersecurity Framework to help manage their cyber risk.\r\n###", 1, "2026-03-30T12:14:52Z", "2026-03-30T12:14:52Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["http://perlmutter.house.gov/news/documentsingle.aspx?DocumentID=1471"], "units": {}, "query_ms": 0.7647671736776829, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}