Firms should be legally obliged to report cyber crimes

Firms should be legally obliged to report cyber crimes

Vernon Coaker, Shadow Defence Secretary, has said that it should be “a legal requirement” for private firms to report cyber crime, and especially so for those that have been assigned to  protect the country’s vital infrastructure.

This has caused some firms, particularly in the financial sector, to be concerned about the reputation of their brand as well as customer trust. Coaker has said that although security does need to be addressed, there should also be an effort made not to worry the public.

Coaker assumed the role of Shadow Defence Secretary after taking over from his predecessor, Jim Murphy, last year.

He said:

“One of the things we need to do is consult on whether to make it a legal requirement that people report cyber attacks. At the moment, there are just voluntary agreements.”

In spite of his suggestion, he is unsure as to how far any reporting should go, for example, whether or not it should extend to government departments. This comes in the wake of an increase in public sector attacks.

Coaker’s speech further reveals his belief that the UK should re-evaluate its defence strategy before the next strategic defence and security review scheduled for next autumn. It will be the first since 2010.

If companies are obliged to report cyber attacks, the UK could see a sharp increase in the demand for cyber security personnel and the number of IT security jobs being advertised. As a result, the protection of company and customer data could be boosted.

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