Federal Agency Data Breach Notification Act of 2014

Federal Agency Data Breach Notification Act of 2014 - Requires the Director of the Office of Management and Budget (OMB) to establish and oversee procedures for agencies to follow in the event of a breach of information security involving the disclosure of personally identifiable information (PII).

Requires such procedures to include requirements for: (1) notice to the individuals whose PII could be compromised within 72 hours after the agency discovers the breach or evidence that reasonably indicates such a breach has occurred; (2) timely reporting to an OMB-designated federal cybersecurity center; and (3) any additional actions that the Director finds necessary and appropriate, including data breach analysis, fraud resolution services, identity theft insurance, and credit protection or monitoring services.

Directs the head of each agency to ensure that actions taken in response to a breach of information security involving the disclosure of PII under the authority or control of the agency comply with such OMB procedures.

Amends the E-Government Act of 2002 to require agencies to conduct privacy impact assessments before using information in an identifiable form purchased, or subscribed to for a fee, from a commercial data source.

Requires the Director to designate a Federal Chief Privacy Officer within OMB to carry out the responsibilities of the Director with regard to privacy.