In recent global news, the European Commission has made the decision to start enforcing a rule that dictates how cyber-related crimes are to be handled. This rule will apply to big technology firms and force them to adhere to the newly developed bill in which if a data security breach has occurred, the firm must notify local authorities about any cyber crime that affects users’ data. The soon to be instated bill will help hold these firms accountable with holding up a certain level of security in order to protect its users.
For obvious reasons, security is an issue that needs to be addressed with the utmost importance. There is simply just too much cyber crime that wrongfully attacks innocent victims in the world. It has been estimated that global cyber crime costs up to $114 billion each year, according to Symantec. These lewd acts of conduct causes more harm than just financial ones, but also credit and even reputational ones. Those who have been maliciously attacked may have had their confidential information compromised in a manner where it has been sold on the web in which criminals use this information to gain access to your accounts or use the information and monetize it in other ways.
A feasible and probable solution to this problem would simply be to implement preventive measures. When utilizing preventive measures, such as two factor authentication (TFA), the giant technology firms and it’s user base would not have to even go through the hassle of a non-protected network and risk a security breach. Two factor authentication will provide an added layer of security to the infrastructure and foundation of the technology firms where users being granted access will be more thoroughly verified as a valid user.
With both TFA and the new legislation about to be in place, the outcome will be favorable to the masses. Many people will benefit knowing that their confidential information will be in better hands and that there will be repercussion for negligence. It is quite sad to see that it has come to this where there needs to be negative consequences in order have these companies act on protecting their users. Nonetheless, data security is finally receiving the type of attention that is needed and security is in the future to come.