Financial incentives do more for security than regulation: McAfee CTO
- 30 January, 2013 14:54
McAfee CTO Michael Fey.
A US security expert has applauded the Australian federal government’s approach to improving cyber security but suggested that businesses may need a financial carrot to bring their systems in line.
Speaking to CIO Australia, McAfee chief technology officer Michael Fey said the government should be commended for setting aside $1.46 billion in funding as opposed to “just talking” about improving security.
“With an investment like that you catch people’s attention and they start thinking about security from the very start rather than taking a reactive approach,” he said.
However, businesses around the world are still lagging behind with information security and financial incentives could be more beneficial than imposing more regulation.
“Our personal information resides in all of these businesses and regulation only goes so far,” he said. "We’re better off offering incentives to those businesses to take this subject seriously and evolve security with them.”
According to Fey, financial incentives could also change the mindset of CEOs or CFOs who view information security as a cost.
“The reality with critical infrastructure and financial organisations is they have to take security seriously. When they do that, it should be a positive experience — not one that diminishes their profits,” he said.
While Fey is not a fan of security regulation, he disagreed with comments made by World Wide Web inventor Sir Tim Berners-Lee that Australia’s proposed data retention laws are a "really bad idea".
Speaking at a CSIRO event in Sydney this week, Berners-Lee said that while it was important for countries to be able to defend themselves from cyber attacks, there were inherent dangers with “snooping” on people.
“I don’t believe that cyber security means loss of rights beaus it guarantees that we are free to operate and exchange ideas as well as protect our intellectual property [IP] without giving up our Internet privileges,” Fey said.
“It’s really unfortunate for the cause that cyber security and human rights are getting linked together.”
Follow Hamish Barwick on Twitter: @HamishBarwick
Join the CIO Australia group on LinkedIn. The group is open to CIOs, IT Directors, COOs, CTOs and senior IT managers.
- OAIC releases privacy impact assessment guide for consultation
- Some Australian businesses 'unlikely' to be ready for Privacy Act changes: survey
- BYOA 'shadow IT' grows in the enterprise: Telsyte
- Cost of a Privacy Act breach could extend to ongoing audits: legal expert
- How Hunter Water is saving $50k a year in software licences
Trust issue looms large for tech companies capitalizing on personal data
5 women who've made it in IT
Five trends affecting legal CIOs
CIO Roundtable: The changing face of security
Bitcoin malware count soars as cryptocurrency value climbs
Case Study: Columbia Sportswear
With the agility and intelligence provided by their management tools, Columbia sportswear is transforming IT to be much more service oriented in fulfilling business requests and delivering resources as needed. It’s allowing IT to “never say no” with an infrastructure that can handle nearly any project that comes through the door.
Bell Gully Law Firm Success
Read this whitepaper to find out how one of New Zealand’s oldest leading law firms was able to remove tangible risk to the business and enhance productivity by rapidly deploying an improved fundamental Unified Communication solution.
APAC Digital Performance
With some of the highest levels of social media penetration, mobile device ownership, and Internet connectivity in the world, Asian markets are ripe for more innovative and adept interactive engagement. In this study, we look at how marketers in the region express high hopes for digital, but hare held back with limited budgets and a region-wide lack of talent and training. Click for more