There have been several incidents of data theft or loss involving personal information held by large companies. As a result, legislation is being discussed that would provide penalties not just for data thieves, but for companies that fail to keep private information secure. Discuss your opinions about this as a group. Are such laws needed? Please give reasons to support your answer.
Formulation of legislation in the area of data security has been so elusive for so long as it raises several ethical concerns especially with the argument that it may breach privacy rights of those whose data are sought to be protected. So far, there are several legislations that have been enacted to protect personal data and they include the privacy act, fair credit reporting act among others.