A Conservative MP has called for the law to be changed to force companies to admit when they have fallen victim to cybercrime.
Liam Fox, Conservative MP for North Somerset, wants companies to be legally obliged to be honest with their shareholders; if they fail to do so, Mr Fox says the companies should be prosecuted. His comments were made during a lecture at the Royal United Services Institute, which was designed to address the issues raised in society now it is heavily dependent upon digital technology. Cyberattacks and data security breaches have implications for national security.
The MP made similar comments in a recent article in the Telegraph. The dependency upon digital technology means that society as a whole has become more vulnerable, Mr Fox wrote, and it is now essential to have comprehensive legal requirements for data security. All entities should also be encouraged to invest in the necessary technology to protect them from these threats.
Mr Fox’s comments have been echoed by the Chief Executive of security firm Darktrace, Nicole Eagan, who believes that transparency is essential to improve resistance to threats.
All companies are vulnerable to breaches and it is important that this is taken into consideration. The Director of Cybersecurity at Cisco UK and Ireland, Terry Greer-King, believes it is a question of when, not if, a cyberattack takes place, adding that the right data security measures should be able to deal with the threat before it happens, while it happens and after it happens.