Time for Standardized Data Breach Law
The latest hack on Bitcoin exchange Mt.Gox, leading to its sudden bankruptcy late February, and the spate of recent cyber-attacks have prompted warnings of a wave of serious cybercrimes ahead as hackers continue to breach the antiquated payment systems of companies like many top retailers.
Stock exchange regulators like the American SEC have rules for disclosures when company database were hacked but the general public is often at the mercy of private companies less inclined or compelled to raise red flags.
The private sector, policymakers and regulators have been slow to respond and address the increasing threats and sophistication of cybercriminals – only 11 percent of companies adopt industry-standard security measures, leaving our personal data highly vulnerable.
Time for a standardized data breach law?