Cybersecurity Continues to be a Problem for Businesses

Cybersecurity

A lack of Cyberecurity is costing businesses billions of dollars and making it easy for hackers to get into their systems.

A new study recently revealed that hackers have cost consumers and businesses between three hundred and seventy five billion dollars and five hundred and seventy five billion dollars worldwide, with North America and European businesses suffering the highest losses.  This figure is only expected to grow, as the government continues to search for solutions to cybersecurity. According to an article recently completed by JD Supra Business Advisor, the Obama Administration has produced a voluntary framework of guidelines that offer up the best practices and standards designed to help companies protect their networks from hackers.  However, these suggestions are just that—voluntary recommendations; it remains to be seen whether the majority of businesses in the United States will implement the plan.

The presidential administration has called on Congress several times in the past to enact legislation to strengthen cybersecurtiy and help businesses combat hackers.  The House and the Senate have both attempted to create and pass legislation to help in the issue.  However, they have always struggled to pass any offerings due to privacy concerns.  This is true in the most recent attempt by the Senate Select Committee on Intelligence, which attempted to pass the Cyber Information Sharing Act, otherwise known as the CISA.  The act insisted upon data being shared between the government and companies, in the basis that open lines of communication would help stop cyber-attacks.  Those who support the bill believe that this sharing of information can help protect businesses from future litigation and lawsuits, as disclosing the data and details of any cyber-breaches could cut back on the legal aspects of the process.  Those who oppose the bill, however, believe this requirement to share information fails to protect the privacy of Americans.

Regardless of those for and against this bill, all can agree that something needs to be done on the issue.  Currently, the lack of federal legislation means businesses must develop and execute their own form of cybersecurity.  These plans are often complicated—including provisions for protecting valuable data and a plan of action should a cyber-breach actually occur.  While preparation is of course necessary, it is only made more difficult by the fact that businesses are alone in the task.