Microsoft Wants Tech Industry to Tackle $3 Trillion Problem

Cybercrime has impacted everyone from individuals who have been hacked or had their credit cards compromised to the countless businesses hit by large scale breaches. Digital security does not even stop at the company level as we saw in the recent United States election. #Microsoft (NASDAQ:MSFT) President and Chief Legal Officer Brad Smith believes that the tech industry has both the ability and responsibility to work together on protecting the world from digital attacks/cybercrime. In a piece posted on a Microsoft blog in advance of the annual #RSA Conference, which brings together security professionals from around the world, he laid out his case for what he called a Digital Geneva Convention -- a commitment by the technology industry to collectively work across borders to keep the world safe from digital crime. "Just as the Fourth Geneva Convention recognized that the protection of civilians required the active involvement of the Red Cross, protection against nation-state cyberattacks requires the active assistance of technology companies," he wrote. "The tech sector plays a unique role as the internet's first responders, and we therefore should commit ourselves to collective action that will make the internet a safer place, affirming a role as a neutral Digital Switzerland that assists customers everywhere and retains the world's trust." It's a bold idea that would sometimes force companies to work against self-interest. For example, one pillar of Smith's proposed Digital Geneva Convention calls for companies to "report vulnerabilities to vendors rather than stockpile, sell, or exploit them." That may not be easy to get industrywide cooperation on, but Smith lays out a case that the need is very strong.
https://www.fool.com/investing/2017/02/24/microsoft-wants-tech-industry-to-tackle-3-trillion.aspx