Regulating cyberspace for business

According to O’Leary, (2013) cyberspace is where most of the business and economic activities take place and therefore inappropriate regulation by the government authorities may result in the economic downturn in the United States. The question is there significant need for international legal bodies and instruments regulate cyber security, intellectual property rights, and permissible content. The discussions at international level range from technical approach to economic aspects to rights of citizens. However, it seems there are two main camps one in favor of international framework mainly comprising Russia and China. The other camp is in favor of liberation view that aims at cyber security regulation at national level led by the United States. The government makes a loss of close to $100 billion every year due to cyber thefts.

The hackers usually target databases that contain addresses, names, credit card, and social security of millions of Americans. It is an economic risk to large companies and banking institutions as well as universities that collects and stores large database of people. The United States government is keen on ensuring that it seals those loopholes that hackers take advantage to steal data. The recent report now links Russia and China who are largely involved in cybercrime in the United States. Russia's national economy is greatly growing from cyber hacking of economic data information from United States. The government of America through cyber intelligence protecting and sharing act, presidential executive order and cyber security act is aiming at cyber security of economic data (Connell, 2012).

The three acts imply there is increase in control and authority by the government over the internet and information. Cybercrime downloads have risen to more than $ 1 trillion each year because the American presidents recently have invoked the figures to show massive government involvement and control over internet use. Source: Congressional Research Service and U. It is our contradictory desire and demands from technological companies in addition to our inconsistent law enforcement that exposes and leaves public unaware of dangers around them (Orji, 2012). United States government is making efforts to curb problems of cyber security. Think of zero-day policy is regulatory that is right now creating holes in the collective security of citizens than the hackers. The government of America through patriot act that enables it to collect private data from third parties has enhanced the security of data information and subsequently protected American citizens.

The United States citizens have not welcomed the patriot act since it interferes with their personal life through a collection of information from phone and ISP data from millions of American citizens. It is not the role of government to protect private information data information since it is the responsibility of the property owner. Agencies and institutions, as well as individuals, should feel and recognize federal government at all levels of information technology as the custodian of its citizens data. However, state, local government and federal government information security deserve a special place in the protection of cyber security but as stakeholders but not dictators. The government is supposed to function with a limit as far as the issue of cyber security is concerned (Connell, 2012).

Since the day, computers came into the market and networking began thus cybercrime can only be managed through dynamic best practices that revolve around communication of the user community. Banks and universities have recently been in the spotlight losing data to hackers despite stern laws and policies enforced by the government. China and Russia are benefiting from economic data information loss in the United States according to the recent reports. The two countries use the data to increase their efficiency. Prevention is better than the cure and therefore the government of America ought to apply the appropriate measures to eradicate activities of cyber security in order to protect the business. Business is the backbone of a prosperous economy. J.  Cybersecurity Law and Regulation (pp.