Cyber security is a growing area of concern in the business world. A number of major attacks have shown the danger of having lackluster protection and has cost some companies millions of dollars. The damage wrought from these attacks in not only shouldered by the targeted companies, however, they have also produced grievous financial wounds on consumers who had their identities and financial information compromised in the attacks. A Congressional task force, which was tasked with the duty of investigating the importance of cyber security, has released recommendations to lawmakers…
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U.S. pushes for international legal framework governing cyber crime, insurers to benefit from associated regulations
The issue of cyber security has become so prominent that the U.S. government is now pushing for international laws that will curb the spread of the so-called “anti-security” movement. This malefic movement has had an impact on the global insurance industry in more than just losses. With the threat of cyber crime growing, the industry has had to adapt, drafting new defenses and offering more comprehensive coverage. The federal government holds that insurance is simply not enough and is seeking support from other countries to establish laws that would stop…
Read MoreNewly drafted bill will oblige faster disclosure following data breach
Congress has been reviewing draft legislation requiring organizations to take greater care with the security of the personal data of their customers, and to offer faster disclosure should a data breach occur. U.S. Representative Mary Bono Mack has circulated draft legislation of a bill for discussion on this topic after having held several hearings in order to reprimand Sony Corp. for taking so long to inform their customers about data lost during an attack to their PlayStation network. Moreover, the proposed bill would include a regulation for businesses to start…
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