From: The Chartered Institute for IT
With the EU planning to implement a new directive which could make it compulsory for all companies to publicly declare any cyber security breaches, cabinet minister Francis Maude has spoken out against the new proposals, warning that the move could in fact hinder the UK’s own efforts to increase its level of security.
According to the Financial Times, Mr Maude is worried that forcing businesses to report every hack could result in some companies deliberately covering up cyber attacks or withholding key information in order to protect their reputation.
One Whitehall official commented: “The risk is that many companies feel that when a cyber attack takes place their reputation is at risk and it could impact on share price . . . so they avoid saying anything publicly about it.”
The British government currently advocates a policy of voluntary collaboration, whereby businesses are encouraged to share cyber community information for the good of all.
Mr Maude says this approach is currently yielding positive results and insists that the EU proposal could “get in the way of that process”.
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