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CBO Reports on Implementation, Compliance Costs For Data Breach Notification Bill

money-graphThe Congressional Budget Office estimates that the cost of implementing the Data Security and Breach Notification Act of 2015 or H.R. 1770 over the next five years will reach $1 million.

In a report published Monday for the House Committee on Energy and Commerce, CBO states that the bill will also increase government revenues by $9 million through 2025.

The added revenue will come from the Federal Trade Commission‘s collection of civil penalties for industry violations on the rules for protecting electronic personal information and notifying affected individuals, the report says.

CBO notes that FTC could allot $260,000 a year for two additional staff to oversee the H.R. 1770 regulatory requirements.

The report also indicates that the cost of complying with Unfunded Mandates Reform Act intergovernmental mandates will not exceed $77 million, while the cost of complying with private-sector mandates will not exceed $154 million.

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