Troublesome cyber security breach

Beware corporate heavyweights. Trouble could brew the executives if they fail to disclose an incident of a cybersecurity breach within a specific period of time. They might be jailed even if they try to deliberately cover up it.

Days are not far. But a new set of a bill has to be passed by the lawmakers. Cleared by democratic senators, the new Bill would make these corporate bosses bound to apprise the authorities of an incident of cyber attack within a period of 30 days. A smart and willful attempt to keep mum would send these top guns to jails for a minimum period of 5 years.

In this context, mention may be made of another legislation moved by Sen three years back. Under the purview of the Bill Nelson (D-Fla.), the entire process of disclosure was put under scanner after Equifax (EFX) claimed to have spotted a huge violation towards July-end.

The rattling breach the privilege of quite personal information in the store of 145 million Americans forcing the customers to keep waiting until mid-September at least for a notification. It was only in the last month, Uber came out with the shocking revelations that the personally identifiable information of 57 million customers was compromised in the breach of 2016 putting the ride-sharing company in a tight spot. The experts dealing with the cybersecurity hearings on Capitol Hill frowned at the executives alleging lack of sincerity to safeguard the interest of the consumers.

US Securities and Exchange Commission Jay Clayton Chairman is of the view that the process to make these disturbing disclose needs some updates. The experts, of late, have suggested the legislators a unified standard which would be a huge help the mechanism and updated and transparent one.

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