This bill establishes an Office of Cybersecurity within the Federal Trade Commission to oversee data security practices at large credit reporting agencies. The new office would create detailed cybersecurity standards for these agencies, conduct annual examinations for compliance, and investigate data breaches involving the exposure of sensitive personal information like Social Security numbers, financial account details, and health information. Credit reporting agencies would be required to notify the FTC within 10 days of discovering a breach and notify affected consumers on an expedited timeline, with exceptions only for ongoing law enforcement or national security investigations. When a breach occurs, courts would impose civil penalties starting at $100 per affected consumer plus $50 for each additional piece of exposed personal information, with amounts potentially doubled if agencies fail to meet notification deadlines or violate cybersecurity requirements, capped at 50 to 75 percent of the agency's annual gross revenue. The legislation authorizes $100 million in funding, with half going to cybersecurity research and agency inspections and half distributed to affected consumers as compensation.