Public or private sector: who should be taking the lead on cyber security?
In a recent speech, Tom Wheeler, chairman of the Federal Communications Commission (FCC), the US body responsible for regulating interstate and international communications, suggested that the private sector should take responsibility and accountability for managing cyber threats and risks and that a ‘new paradigm’ of cyber readiness must be created through private sector leadership.
Mr Wheeler set out the FCC’s future strategy for cyber security, which centres around a private-sector-led approach and challenges private sector organisations to create business-driven cyber-security management. In his speech, Mr Wheeler suggested that to effectively develop cyber-security solutions the dynamism and innovation of competitive markets must be harnessed, as it will be impossible to keep up with the fast-changing digital world if a prescriptive, rule-based regulatory approach is adopted.
In this new approach, Mr Wheeler argues that the network ecosystem must step up to assume new responsibility and market accountability for managing cyber risks. This private-sector-led effort must be more dynamic than traditional regulation and more measurably effective than blindly trusting the market or voluntary best practices…
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