Convenience does not come without a cost. In the realm of cyber security, for example, increases in consumer convenience have led to major breaches in security. This Note analyzes the current state of cyber security in terms of the technology and the legal environment. After establishing the hack-prone nature of internet-based technology and the inadequacy with which cyber security is dealt with in the United States, this Note recommends creation of a single governmental agency to oversee cyber security. Specifically, this agency would be responsible for managing and encouraging developments in cyber security within the financial industry, which could then be transferred to other private and governmental industries. Although the end result is better protection for consumers, in developing cyber security, it is more productive to focus laws and regulations on helping businesses protect themselves. The goal of legislation should not be to shield financial institutions from litigation but to hold them accountable while providing support.
The full text of this Note is available to download as a PDF.