New Bill Proposes Sanctions for Countries Lax on Cybersecurity
In an effort to address the global nature of the cybersecurity problem U.S. Sens. Gillibrand and Hatch have proposed legislation that would require U.S. assessments of cybercrime in other nations and open the door to possible sanctions against those who do not cooperate sufficiently to attack cybercrime within their borders.
A new bill introduced in the Senate on Tuesday aims to put the United States in a leading role in the global fight against cybercrime.
Dubbed the “International Cybercrime Reporting and Cooperation Act,” the bipartisan legislation was introduced by Sen. Kirsten Gillibrand, D-N.Y., and Sen. Orrin Hatch, R-Utah, in response to the growing threat of cyberattacks such as those perpetrated earlier this year against Google (Nasdaq: GOOG) and other U.S. companies.
The new legislation will help the U.S. identify threats from abroad and work with other countries to crack down on their own cybercriminals. It will also recommend cutting off U.S. assistance and resources for countries that refuse to take responsibility for cybersecurity.
$1 Trillion Lost Globally
“Cybercrime is a serious threat to the security of the global economy, which is why we need to coordinate our fight worldwide,” Sen. Hatch explained. “Until countries begin to take the necessary steps to fight criminals within their borders, cybercrime havens will continue to flourish.”
The new bill will not only help deter cybercrime but also “prove to be an essential tool necessary to keep the Internet open for business,” he added.
In 2005, U.S. businesses lost US$67.2 billion as a result of cyberattacks, according to Government Accountability Office (GAO) estimates cited by the sponsoring senators.
The global economy overall lost over $1 trillion in 2008 as a result of cyberattacks, according to statistics from security firm McAfee, they said.
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