Over the past decade, there has been a significant increase in cybercrime, and this is likely to continue in the near future. According to Expert projections, by 2025, the annual losses incurred due to cybercrime could be as high as $10.5 trillion dollars.
You might wonder what the lawmakers are doing about it. While there are numerous measures being implemented to curb cybercrime, there is a lot that needs to be done. The gap is largely due to the absence of a single consolidated and comprehensive legislation that penalizes all acts of cybercrime.
Currently, cyber laws are scattered across several enactments — while some breaches qualify as “unfair” trade practices, others are prohibited under sector-specific enactments like the HIPAA Act for medical data and the GLBA Act for financial data.
Yet, there is hope because of the National Infrastructure Protection Plan (NIPP) provides a framework to protect critical infrastructures and their physical and virtual assets. Moreover, President Biden recently handed over a list of sixteen critical infrastructures to the Russian Prime Minister. With that, the US President insisted those infrastructures be off-limits for Russian Hackers. This clearly highlights the proactive measures being adopted by the current administration. Besides lawmakers, other regulators like the PCI Standards Security Council has also laid down guidelines to protect the integrity of online transactions.
Apart from the US, several other nations have been working on cybersecurity laws — Australia’s encryption laws, Canada’s privacy protection laws, the EU’s GDPR, and so on. These guidelines must be duly followed as non-compliance can result in dire consequences. At iVisionNet, we know what it takes to remain fully complied. Our legal and compliance services include everything from analyzing Security Policy Standards to FISMA Reporting and Compliance, and everything in-between. For more information, get in touch with our experts.