Lawmakers have struggled to try to keep up with technology, and recent waves of cybersecurity data breaches are difficult to defend against. Companies are losing employee and customer data, while consumers are seeing an increase in credit and debit card theft, loss of personal information, and potential headaches from identity fraud.
The massive Target breach that opened 70 million customers to potential identity theft drew a large amount of media attention. A number of smaller breaches followed over the next few months, and then the recent eBay breach grabbed international headlines last month. Following eBay's disclosure of a major breach, several state investigations have been launched - and the auction house company now faces additional scrutiny from a growing number of European governments.
Unfortunately, companies are struggling to try to keep data secure, and there aren't many regulations that force companies to keep data secure. However, there are growing numbers of people that want to see financial - and possible criminal penalties - in place to keep data breaches under control.