The Department of Justice and the Federal Trade Commission announced Thursday that private companies can share information to prevent hacks without violating antitrust laws, according to Reuters.
According to the agencies' officials, companies looking to share information about cyber threats with each other are often worried that cooperating with competitors will violate antitrust laws, Reuters reported.
"Some companies have told us about concerns about antitrust liability and that this has been a barrier to being openly share cyber threat information with each other," Deputy Attorney General James Cole said during a press event Thursday, according to Reuters. "This guidance responds to those concerns [and] lets everyone know that antitrust concerns should not get in the way of sharing cybersecurity information."
The antitrust agencies issued a policy statement making clear that companies can share information about cyber threats without violating antitrust laws "to reduce uncertainty for those who want to share ways to prevent and combat cyberattacks," the agencies said, Reuters reported.
Cole pointed out the Target breach, which put at risk the personal and financial information of tens of millions of consumers, as a "reminder of how far-reaching the cyber threat has become," according to Reuters.
Earlier this year, the White House released a cybersecurity framework after failed attempts at getting cybersecurity legislation through Congress, Reuters reported. That framework provides a roadmap of best practices for companies looking to establish or boost their efforts to prevent and combat hacks.
White House adviser Rand Beers said information sharing is critical as private companies move forward with best practices, according to Reuters.
"This whole process depends on information sharing. Without it, an attacker can send the same 'spear phishing' method to numerous companies, some of which may catch it and some of which will not."
Beers said, adding that "over the next year, we will continue to knock down [other] barriers, real or perceived," Reuters reported.
