The wave of U.S. privacy and cybersecurity debacles suggests a Dodd-Frank-styled privacy overhaul may be in the making, lest the U.S. cede privacy and cybersecurity governance to the Europeans. Indeed, the prospect of an information security and privacy arbitrage, where companies seek out data privacy havens, may yield a race to the bottom. The Facebook privacy debacle, which felled Cambridge Analytica and handed Mark Zuckerberg a terse EU summons, offers a compelling post-mortem on the complexity of privacy regulation. Indeed, the EU has recognized that in an age of rampant cyber threats protecting consumer privacy must be a central pillar of any regulatory regime. For the 5 years preceding the breach, Equifax barely recognized that cyber threats, privacy and security are board-level priorities.

Source: Forbes May 03, 2018 18:16 UTC