Cyber-security will likely be the topic of an executive order that’s expected to be handed down tomorrow by President Obama. The order is expected to enhance the ability of the U.S. to protect itself against cyber-attacks. The aim of the order would be to prevent incidents like the one involving Bank of America Corp (NYSE:BAC) back in October, in which $400,000 was stolen by cyber-thieves.
A cyber-security expert from the law firm, Ballard Spahr, said a draft executive order on cyber-security was circulated in November. Mercedes Tunstall works with privacy and data security institutions, assisting them with their security systems and helping make sure they are as protected as possible. She said the order that’s expected tomorrow will give the U.S. government more ability to communicate specific details about potential cyber-threats with businesses.
Should You Go All In On Water Like Michael Burry?
Water investments? Michael Burry was one of the first institutional investors to bet against the US subprime mortgage market in the mid-2000s, and today he’s concentrating all of his investment efforts on one commodity: water. Burry’s focus on water has attracted plenty of attention to the commodity in the investment community but trying to profit Read More
“The reason it’s important is because on the governmental side of things, they know about threatened attacks to private companies,” Tunstall told ValueWalk. “So think about banks and other types of companies in the private sector that support our infrastructure and that impact our national security. The government has knowledge about these threats but is very limited in its ability to let private companies know.”
Tunstall also said the executive order will likely provide a standard for data security requirements at the federal level, which will apply to all industries. In addition, she believes it will push Congress to do more about cyber-security.
“This announcement will light a fire under Congress,” Tunstall said. “Cyber-security legislation [was] almost passed last year, but it didn’t pass at the last minute.”
Fox News reports that the order would place the Department of Homeland Security in charge of the organization of a network, which would distribute information about cyber-threats to known targets.