Normally, when a company gets hacked, they're entitled to a certain amount of sympathy. Advanced malware is difficult to defend against, and the best that companies can do is sometimes not enough. Equifax, on the other hand, has decided that the aftermath of a devastating cyberattack is the best time to act like a morally-compromised bully. Reacting to the loss of personally identifying information (PII) for over 140 million Americans, their response has been entirely inadequate.
On August 21st, something groundbreaking happened- Netflix viewership went down by 10%... that’s about 5 million accounts.
Unless something happens between now and May 2018, the largest fine assessed for negligent cyber-protection in the EU prior to the implementation of the General Data Protection Regulation (GDPR) will have gone to a company called TalkTalk. The UK telecom firm had received warnings that two of its web applications were vulnerable to cyberattack, ignored those warnings, and then 157,000 of its customers had their data stolen.
Over the past couple of weeks, we've talked a great deal about the General Data Protection Regulation (GDPR) that will take hold in the European Union next May. We've spoken about:
Nothing is more scarring than the possibility of having your personal data fall into the wrong hands. The impact seems even more callous when the cause behind the breach is not a malicious virus, or a mystery hacker from a far away land, but rather from an oversight by an institution that you’d think would be good at following its own laws- The Government.
In general, more regulation is a good thing. Regulation is what's given us life-improving innovations like the 8-hour workday, and the weekend. It's given us child labor laws, fair wages, cleaner air and water, and healthier food. There's no denying that regulation is, in general, a good thing—but will the GDPR specifically improve our lives, or could it stifle digital innovation?
Shachar Daniel spoke at the Capital Markets Conference sponsored by the “Calcalist" and International Bank Leumi, saying: "The information we have on us is more critical, people are more afraid to lose their cell phone than their wallet".