Cyber Law: Predictions for 2015

Change happens very quickly in the world of cybersecurity and just one year can make all the difference. A lot has certainly changed this past year and the situation is going to continue evolving throughout 2015 as well. The big topic in cyber law is of course, cybersecurity. Within this category are all things involving hacks, breaches, and information security. This is a short list of what we think the most important upcoming changes will be:

1: Executive Management Leadership:

Since the cost of cybercrime across the nation increases every year, the threat that it presents to businesses is also increasing. Pressure for avoiding these costs will continue to climb the corporate ladder until it reaches the executives. As 2015 progresses we will see cybersecurity policy effectiveness becoming more integral to the evaluation of CEO performance. This issue will no longer be on the sidelines of corporate governance.

2: Threat Detection:

Detecting hacks after they have occurred is important but wouldn’t it be even better if we could know the instant an attack is made? Fortunately this technology is already being developed. The goal is for technology that allows real-time detection of intrusions to be available to everyone. Even more advanced systems would identify hackers and report them to authorities. The benefit of being able to detect and prosecute hackers more consistently would go a long way in deterring future hackers from trying the same types of attacks.

3: Re-evaluating the Role IT:

IT departments are the traditional answer to cyber security and play an important role in any company. However as time goes on and hacks become more common it is becoming clear that this task is not going to be accomplished by one department alone. In 2015 it is likely that businesses will increasingly implement policy that will coordinate all departments in order to share relevant information and work to solve cybersecurity issues by collaboration.

4: Innovation Good and Bad:

The rate at which technology evolves is exponential. This is beneficial because our capacity for production and processing is always increasing. But this also causes issues when trying to build a lasting defense against highly advanced hackers. A system that appears unbreakable today could be obsolete in 6 months. Additionally prosecuting criminals that can be located anywhere in the world presents many unique legal challenges. Small to middle-sized companies are switching to innovative cloud storage over onsite storage. This will provide wider incentive for the market to react and create more security options.

5: Cost and Cyber Insurance:

Large corporations have proven just as vulnerable to hackers as anyone else and every year they lose more information to hackers which in the end costs all of us more money. To remedy this, the concept of cybersecurity insurance continues to evolve and become more popular. It is likely that by the end of 2015 this insurance will be more widely available to businesses looking to off load the risks of information breaches. What the premiums for this will look like for large companies that already have a history of taking poor security measures is sure to be interesting.

For more information on changes in cybersecurity laws contact the Goosmann Law Firm at info@goosmannlaw.com or call (712) 226-4000.