For 2023, Here Are Five Hopes For Cybersecurity
The 2023 Cyber Wish List
The Leaders at eosedge Legal and OnCall Cyber™, after observing the changing cyber and crypto landscapes over the past year and beyond, offer these beliefs and recommendations for improving cybersecurity for 2023.
Views about cybersecurity from cyberlaw professionals:
- Pass laws that install property ownership rights to proprietary and identity data
The Basic Idea: Data is property after all, though defining how individuals and entities own their data under property law would create an incentive and a more efficient enforcement atmosphere for infringed owners to redress harms. The current privacy-based construct is inefficient and difficult to enforce – as in: what exactly is the cost of a loss of privacy? In particular, Web3 technology is already architecturally enabling data ownership, but the law needs to keep up.
2.Pass laws that create a government backstop for cyber insurance
The Basic Idea: Insuring cyber risk has proven to be difficult to define, and so insurance carriers have been raising premiums, excluding types of attacks, and even exiting the market. Yet, insurance is needed for the market. So, like terrorism insurance models in certain countries, the government should step in to cover catastrophic risk. In turn, this backstop would restore availability and affordability to the insurance market.
3.Pass laws that empower data collectives and trusts
The Basic Idea: Adding to #1 – Data Ownership – the ability to enforce property ownership rights must become universal and affordable. Less financially secure individuals, through legal mechanisms created to pool and protect collective interests (aka a Data Trust), efforts to enforce rights against data ownership infringements would become affordable. Moreover, with efficient and universal enforcement mechanisms, deterrence against cyberattack becomes real.
4.Pass laws that compensate victims of cybercrime
The Basic Idea: Certain laws, such as in the US – United States Victims of State Sponsored Terrorism Fund (USVSST Fund) – provide a way for governments to seize assets from entities determined to have been involved in supporting terrorism. In turn, victims can pursue financial claims through the courts against those frozen assets. That is an excellent construct to adopt against cyberattacks because so many advanced hackers have connections or tacit permission from rogue states.
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