Sen. Pat Toomey (R-Pa.) introduced a bill on behalf of himself and four other Republican senators setting national standards for how companies inform individuals of a breach of security related to personal information.

Toomey, alongside Sens. Olympia Snowe (Maine), Jim DeMint (S.C.), Roy BluntRoy BluntOvernight Regulation: Senate Banking panel huddles with regulators on bank relief | FCC proposes 2M fine on robocaller | Yellowstone grizzly loses endangered protection Overnight Finance: Big US banks pass Fed stress tests | Senate bill repeals most ObamaCare taxes | Senate expected to pass Russian sanctions bill for second time GOP senator: 'No reason' to try to work with Dems on healthcare MORE (Mo.) and Dean HellerDean HellerMedicaid becomes big threat to GOP’s healthcare revival Koch-backed group launches new ads on tax reform Overnight Healthcare: GOP infighting erupts over bill | How Republican governors could bring down ObamaCare repeal | Schumer asks Trump to meet with Dems MORE (Nev.), introduced the Data Security and Breach Notification Act of 2012 (S.3333) on Thursday.

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The act directs corporations, trusts, cooperatives and similar entities that retain personal information to inform the owners of that information of a breach as quickly as possible. The breached entities have to inform the owners of the breached information on the date it was accessed, the information that was stolen and how to contact the breached entity for more information. The notification can be by telephone, email or on paper.

The personal information cited by the legislation includes Social Security numbers, driver's license numbers, financial account numbers, credit or debit card numbers and related security codes. Failure to follow the notification standard under the act goes results in a fine as high as $500,000.

Some Republicans in Congress have expressed support for something like the Data Security Act because they prefer a singular, national standard rather than differing state laws. 

Read the bill below:

S 3333 Data Security - Bill Text