Business inaction rolls in more CyberSecurity Laws

Failure by the business community to enact meaningful security standards has opened the door for Congress to step in and pass cybersecurity legislation. According to a Reuters report, just two companies adopted cybersecurity guidelines established in 2004 by the Department of Homeland Security and an industry-led task force. The guidelines called for CEOs to take direct responsibility for their computer systems.

Experts say that corporations are more concerned with legal risk than the risks posed by hackers, and legislation is therefore the only way to enforce security.

Recent scandals at LexisNexis, AmericaOnline, Bank of America, ChoicePoint, Time Warner etc.,involving the exposure of over 2 million customers' data has shed new light on the issue and are putting pressure on lawmakers to act if businesses don’t.