According to a cybersecurity trade group in US, the government should explore new incentives for companies to invest in cybersecurity instead of focusing on regulation.
A group of Internet Security Alliance (ISA), made up of IT vendors and customers have told the US government to give up its old regulatory approaches and give more emphasis on incentives such as cybersecurity insurance, awards programs and caps on legal liability for companies which adopt cybersecurity best practices.

In a white paper passed by ISA on Wednesday, said about legislation, required by the U.S. government to create cybersecurity standards, including the Improving America’s Security Act passed by the U.S. Senate in mid-March, takes the wrong approach. The president of the ISA said

“That approach will not work due to factors within the Internet itself.”

He further told that a regulatory approach would be limited to U.S.-based divisions of companies, and it’s slow to react to new threats of hacking and The incentives outlined in the ISA white paper could encourage companies to invest in cybersecurity not only in their U.S. divisions but also in their foreign ones.

Online Hacking happens when a hacker exploits a security breach in a network or computer and is able to access the important and personal information through the Internet and the only thing, which can stop this, is Firewall or anti virus protection software.
It is said that Last year the Pentagon was subject to 250,000 hacker attacks, while the annual cost of hacking to US industry is now reached to a staggering $10 billion and Worldwide anti virus software total software revenue gone up to $4 billion in 2005, a 13.6 percent increase from 2004 revenue

Via: computerworld.com