U.S. Commerce Department Seeks Internet Code of Conduct

Cyber Liability InsuranceThe U.S. Commerce Department has issued a report that states that companies doing business over the internet should be bound by a code of conduct that will help to minimize online theft and hacking behaviors.  

Recommendations made by the department included enhanced identity authentication, as passwords and login information are currently easily and regularly hacked and stolen.  The department also encouraged the use of cutting edge technologies that help to make certain that when web users enter a URL into their browsers, they will actually be brought to that domain without the risk of being hijacked.

The code of conduct sought by the Commerce Department would also involve incentives programs that would help to promote necessary spending on added security measures.  An example of one of these incentives could be that there would be less legal liability for company utilizing the best practices, should a hack occur against that company. 

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According to the department, “In 2010, an estimated 55,000 new viruses, worms, spyware and other threats were bombarding the Internet daily.”  As the annual value of global online transactions – which currently sits at about $10 trillion – continues to rise, the threat posed by online theft rises along with it.

Gary Locke, Commerce Secretary, said that the current economy is dependent on the ability of organizations to offer their customers secure and trustworthy online services.  As the evolution of threats to cyber security continues, it becomes vital that proper policies be developed in order to protect both companies and their clients. 

The department’s report comes on the heels of a number of cyber attacks against large, high profile organizations. Recent victims of this type of security breach include Google, Citigroup, Sony, and Lockheed Martin.

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