New Cyber Security Bill Can Shut Down Private Networks
TopDog — April 23, 2009 — Social Good
The Cyber-Security Act of 2009 will give unprecedented power to shut down the Internet during high risk situations, shifting access away from users and companies to the U.S government.
The bill, which was introduced to Congress, grants unlimited non-emergency data access for all critical infrastructure systems, including banks, energy and telecommunications, which are currently privately held.
The bill also skirts the Electronic Communications Privacy Act, the Privacy Protection Act, as well as financial privacy regulations. What’s worse is the possibility of accidentally enabling ‘hackers’ or cyber-criminals wholesale access to the trunk of the new system, effectively handing the Internet over to them.
The bill, which was introduced to Congress, grants unlimited non-emergency data access for all critical infrastructure systems, including banks, energy and telecommunications, which are currently privately held.
The bill also skirts the Electronic Communications Privacy Act, the Privacy Protection Act, as well as financial privacy regulations. What’s worse is the possibility of accidentally enabling ‘hackers’ or cyber-criminals wholesale access to the trunk of the new system, effectively handing the Internet over to them.
Trend Themes
1. Increased Government Control - The Cyber-Security Act of 2009 will increase the government's power in controlling the internet during high-risk situations, creating opportunities for companies who can provide alternative solutions to private networks.
2. Privatization of Critical Infrastructure - The grant of unlimited non-emergency data access for privately-held critical infrastructure systems, such as banks, energy, and telecommunications, presents disruptive innovation opportunities for companies that can provide secure and private systems for these industries.
3. Encryption and Cybersecurity - The possibility of unintended exposure and wholesale access to the internet by hackers emphasizes the need for robust cybersecurity measures and the opportunity for companies that can provide more secure technologies and encryption solutions.
Industry Implications
1. Cybersecurity Industry - The Cyber-Security Act of 2009 creates a need for companies that can provide more secure encryption solutions and cybersecurity measures against government-controlled internet access.
2. Private Network Providers - The possibility of government control over private networks creates a disruptive opportunity for providers that can offer alternative, secure networks for critical infrastructure systems.
3. Financial Technology Sector - The grant of unlimited non-emergency data access for critical infrastructure systems, including banks, creates opportunities for fintech companies that can provide secure systems and encryption solutions for financial institutions.
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