Cyber ​​fines increase data breach costs. New California bills focus on privacy for minors. The United States plans to expand restrictions on chip exports to China.

In one look.

  • Cyber ​​fines increase data breach costs.
  • New California bills focus on privacy for minors.
  • The United States plans to expand restrictions on chip exports to China.

Cyber ​​fines increase data breach costs.

The Hiscox 2022 Cyber ​​Readiness Report, published annually for the past six years by the Bermuda-based insurance company, shows the median cost of a cyberattack is around $17,000, a 29% increase from to last year. And as an open access government Remarks, the cost of an attack has doubled for UK businesses, largely due to the fines incurred as a result of the incident. Indeed, after surveying more than five thousand professionals in various industries, Hiscox says the number of companies that have been fined following a cyberattack has almost doubled, from 11% in 2021 to 20% this year. . The General Data Protection Regulation states that EU authorities can fine a company up to €20 million or 4% of global turnover, whichever is greater, which has led to multi-million pound fines for some companies. The report shows that businesses that suffered a breach in the past year experienced increased negative repercussions, including customer notification costs, negative impact on brand reputation and loss of customers. The survey also revealed that more small and medium-sized businesses are the target of attacks. Gareth Wharton, Cyber ​​CEO of Hiscox, said: “While cybercriminals have long targeted high-value companies, it is clear that they are now moving down the food chain.”

New California bills focus on privacy for minors.

This summer, lawmakers in the U.S. state of California passed two children’s privacy bills that now await the governor’s signature. The California Age-Appropriate Design Code Act, which passed unanimously, applies to any business “that provides an online service, product, or feature that may be accessible to children.” cyber/data/privacy information Explain. The law would require companies to carry out a Data Protection Impact Assessment (DPIA) for any public online product that may be viewed by children (in this case, people aged eighteen or younger ), and create a plan to mitigate the risks identified in the DPIA. . Companies will also be required to implement privacy settings that provide a high level of privacy by default and, when writing privacy policies, to use language easily understood by children. The law prohibits companies from using the personal data of children in a way that could harm the physical or mental health of the child; collect, sell, share or store any child’s data that is not necessary to provide the online service; or using dark motives to encourage children to provide personal data beyond what is necessary. The Student Test Taker Privacy Protection Act aims to address privacy concerns related to online exam proctoring services, the use of which has increased since the COVID-19 pandemic. The law would prohibit monitoring services from collecting, maintaining, using or disclosing personal information except to the extent strictly necessary to provide such monitoring services or in other specified cases.

The United States plans to expand restrictions on chip exports to China.

Reuters reports that the White House plans to further restrict US shipments of semiconductors to China. Sources say the Commerce Department will issue new regulations based on restrictions communicated in letters to U.S. companies KLA Corp, Lam Research Corp and Applied Materials, Inc. that prohibited companies from exporting chipmaking equipment to foreign countries. Chinese factories that produce advanced semiconductors with sub-14 nanoscale processes, unless the companies acquire licenses from the Department of Commerce. The new regulations could potentially impact small businesses trying to compete with major AI chipmakers Nvidia and AMD, as well as companies like Hewlett Packard, Dell and Super Micro Computer that produce data center servers. containing Nvidia’s A100 chip. If implemented, these laws would be the latest step in the Biden administration’s efforts to reduce China’s influence over global tech manufacturing. Last week, US business lobby group the Chamber of Commerce predicted that such restrictions on AI chips and chip-making tools could be on the horizon. “We hear now that members should expect a set of rules or perhaps a blanket rule before the midterm elections to codify the guidelines in the recently released letters (Department of Commerce)” is advised “at hardware and chip design companies,” Chamber said.

Bernard P. Love