Businesses are concerned over the European Commission’s plans of imposing strict data breach reporting rules on companies and organizations in its efforts to combat global cybercrime.
Under the proposal, European Union countries would have to appoint a Computer Emergency Response Team as well as create an authority to which organizations, including hospitals and energy providers, will have to report instances of data breaches.
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No less than 40,000 organizations are expected to be affected by the proposed rules, which EU digital agenda commissioner Neelie Kroes said is badly needed in order by the union to boost its cyber security posture.
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Only one in four European companies has a formal IT security policy that is regularly reviewed. Among information and communication technologies (ICT) firms, only one in two have a formal ICT security policy.
Other studies suggest that three quarters of small business in the United Kingdom and 93 per cent of large enterprises have suffered a cyber security breach.
Reports yesterday, however said, firms are concerned that their reputations may be damaged if they were to report online attacks and security breaches.
