Cybersecurity is a growing issue for businesses and individuals throughout the world. Over the last few years, we have seen unprecedented breaches of computer systems releasing millions of records containing sensitive personal information. There is no denying that this developing issue deserves attention. However, legislation recently introduced by State Senator Darwin Booher (R-Evart) to combat this problem here in Michigan goes too far too fast.
Senate Bills 632 and 633 attempt to alleviate the increasing costs banks incur due to data breaches by creating arbitrary commissions, capricious mandates, and blanketed liability shifts. In a recent meeting hosted by Senator Booher, the Michigan Chamber expressed strong opposition to the dramatic and far reaching legislative proposals.
The Michigan Chamber will continue to monitor the issue closely. Our goal is to ensure that whatever solution is sought to this growing problem, it does not place undue burden or unreasonable liability on the broader business community.
For more information, contact Dan Papineau or Wendy Block at (517) 371-2100.