Microsoft's Brad Smith joined HuffPost Live at Davos on Saturday to discuss the importance of online security and privacy.
"2015 needs to be a year for new solutions, and that's what we're proposing. We do need new laws in the United States and in Europe," Smith said. "We're trying to manage 21st century technology issues with laws that were written in the '80s and '90s."
Smith said people need to feel comfortable about their online privacy, noting users won't put online data in a place they don't trust, just like they wouldn't deposit money at a bank they didn't find stable.
"In some sense, we're the next generation of banks," Smith said.
Smith said lawmakers in the U.S. and Europe need to discuss how to increase online privacy while still providing law enforcement with information they need. He said the hardest part about dealing with a hacking crime is identifying and finding a hacker.
"Our prisons are not full of hackers," Smith said, noting hackers are often in countries outside the U.S.
Below, live updates from the 2015 Davos Annual Meeting: