Fighting Against Global Cybercrime Could Have Unintended Consequences

Several high-profile hacking attacks on government data and big name companies have caused U.S. officials to look more closely at the growing threat of cybercrime.

Countries around the world are quickly developing new tools that could help them break into sensitive data and shut down major infrastructure with the click of a button. Worries about safety and security have prompted U.S. lawmakers to work together with other global leaders to create new rules and regulations regarding virtual weapons.

However, some U.S. firms are pushing back against the proposed regulations saying that they could have detrimental effects on their businesses.

Treating All Weapons Equally

The United States, together with 40 other nations including Russia and the UK, has drawn up a set of rules that will require cyberweapon exports to undergo a series of checks just as other weapons like tanks and artillery are subject to.

The new regulations would treat virtual weapons similarly to their physical counterparts, requiring companies that export them to obtain specific licenses in order to ship them outside the country.

Related Link: The Battle Against Cyber Crime Is Going Private

Consequences For Legitimate Business Transactions

However, firms like Symantec Corporation (NASDAQ: SYMC), Cisco Systems, Inc. (NASDAQ: CSCO) and Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL)'s Google have all raised concerns about how such regulations might affect their businesses.

These companies say that sales of legitimate spyware would be impacted by the new rules as they would be required to obtain a great deal of licenses, which may weigh on profits.

Firms from industries outside the tech space are also hesitant to support such a proposal, as they worry that the new rules might impact their ability to send software between international offices.

Caught In The Middle

The proposal, which has been drawn up by the Commerce Department, is being held up by the flood of concerns. U.S. officials say they may need to go back to the drawing board to rework the way it is written. The department has said it is open to feedback from U.S. industry leaders and that at this point, lawmakers are unsure of how they will proceed.

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