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joelfried | 1 year ago
Definitions: Government Identification Data includes Social Security Number. Bulk Extraction means any removal of data more than element by element. Unauthorized Third party means any person who the Company does not intend to grant access to. Intentionally Retaining means that a company chooses to ask clients to supply information which is then saved in a way accessible to the company for any reason in the future.
Law: Any company maintaining Government Identification Data must select someone as personally liable for the security of said data. If the company does not have a person who accepts personally liability, this liability transfers to the Chief Executive Officer of the company. In order for the liability to be considered transferred, the Company most keep on file a notarized copy of an affidavit accepting such liability Any company intentionally retaining any Government Identification Data must do so in a system that does not allow for Bulk Extraction by any Unauthorized Third Party. Failure to do so is considered Willful Negligence on the part of the company. Any company guilty of Willful Negligence herein described must forfeit the greater of 15% of their previous yearly revenue or 5 times the Gross Annual Compensation of the most compensated employee. In addition, whomever the company has selected as outlined above shall be incarcerated for no less than 12 months and no more than 60 months.
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