In recent years, the whole world has been experiencing frequent cyber attacks, from large companies to small local stores. The USAThe United Kingdom, Singapore, Ukraine and India are among the countries that have suffered the most attacks, while it does not seem that this situation will change soon.
The continuous violations and the use of malware aimed primarily at financial gain, make the need for stricter laws for such cases imperative.
And while large companies and organizations often have the capital and resources to develop various technologies and solutions to protect themselves from cyber attacks, the threat continues to be great. According to surveys conducted by major cyber security companies, many of the companies are not able to deal directly with a attack, while the cost of repairing the damage it can cause to the company is often enormous. In addition, the reputation of a business can be seriously jeopardized if it is attacked by the cyberspace.
Companies tend to largely not report cyber security incidents in regulatory authorities, except when mandatory under applicable law. However, this is something that often creates more problems than it solves for a company, as when the breach is finally revealed, the trust of its customers is shaken.
The General Data Protection Regulation of the European Union (GDPR), which entered into force in May 2018, is a good start for the direction to be followed. However, countries that do not belong to the European Union should adopt similar laws.
However, this is what the businesses is to use tools and methods that will protect as much as possible data but also the data of their users. It is also important, when a company falls victim to an attack that has a direct impact on its customers, to inform them immediately about the incident and to cooperate with the competent authorities to deal with it.