April 14, 2023

Enforceable and standardized regulations against data breaches

In the United States, data breach notification and privacy laws are set and enforced at the state level creating inconsistency in breach reporting. The lack of unified regulatory reporting requirements for breaches means businesses are only notified of breaches if specified in the vendor contract.
As well as the patchwork of inconsistencies in data handling, confidential business information is currently not subject to regulation. Organizations that don’t stipulate breach reporting requirements in the contract are subject to potentially significant third-party vulnerabilities.
The average global cost of a data breach to businesses reached $4.35 million in 2022. Despite the continuous financial sustainability risk of cyber incidents to organizations, they are more incentivized to protect their stock prices, so avoid including reporting clauses to prevent lawsuits and reputational damage.
Given that the cost of data breaches in the United States is more than twice the global average, $9.44 million, it’s prudent for the US private sector to engage regulatory bodies to codify the right to privacy in federal law and create consistency in the handling of data.
The European Union’s General Data Protection Regulation should be the model for enforceable regulations. Unlike section 5 of the US Federal Trade Commission Act, comprehensive data security law for the European bloc does not allow subjective interpretation of individual entities. The EU is a tougher regulator – to compare, in 2022, there were 356 breaches reported per day across the 27 member countries, compared to seven in the United States.
While the United States lacks a federal regulation that supersedes state laws, in the European Union, a clear data breach definition leads to a joint decision between law enforcement and the breached entity to decide the risk of harm. Further, the hefty fines and penalties for violating regulations results in more transparent disclosures and cooperation amongst affected stakeholders.

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