this post was submitted on 09 May 2024
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Instantly makes ~~ransomware~~ [edit 2: my brain was being dumb, I didn't mean literally ransomware, I meant hackers blackmailing companies with the threat of releasing/selling stolen data] far more profitable.
Edit: And heavily discourages self-reporting. There’s a Schneier quote I like: “You can't defend. You can't prevent. The only thing you can do is detect and respond.”
If the data is breached, won't we find out anyways once they start selling it?
Absolutely. But the penalty does modify the cost-benefit analysis. If a hacker demands $5m or else they will release stolen data, you might be more inclined to YOLO the 5 mil on the 1% chance they're an honest hacker if the penalty for the breach is $50bn.