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The rapid adoption of cloud computing has attracted companies that seek to lower their information technology costs. At the same time, it is reported that there has been an increase in data loss and an increase in cyber-liability claims against companies ‘ some of it from an increase in criminal acts like hacking. But the biggest vendors in the cloud computing industry want to push the risk of penetration of their systems onto their customers adopting the technology ‘ those far removed from control of the hardware and network platforms on which cloud computing relies. This shift of cyber liability risk away from the cloud computing platform providers and onto their customers may be a result of competitive pricing in the cloud computing platform service industry. Some in the industry consider the liability risk associated with retail customer data disclosure to be approximately $2,000 per customer data record. This is a large number when one considers that corporate customer databases could easily have 100,000 data records with names, addresses, credit card numbers and other information. Therefore, cloud computing customers have to consider how to ameliorate the risk of cyber liability despite having outsourced their computer infrastructure to the cloud.
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Companies that thought the new U.S.-EU "Privacy Shield" would restore legal certainty around trans-Atlantic data transfers may want to think again.
Beginning with the June Issue, e-Commerce Law & Strategy will no longer exist as a single entity. Instead, it will continue its evolution into our all-new, cutting-edge title: Cybersecurity Law & Strategy.
Security is always a concern for law firms, and the risks have only grown in recent years. Increasingly, attorneys, staff and clients have become more mobile and rely on an array of laptops, smartphones and tablets to stay connected 24/7. As more data is created and resides in more places, it becomes more vulnerable.
Coming off the heels of the EU Article 29 Working Party Opinion on the Privacy Shield, the EU Parliament passed the General Data Protection Regulation (GDPR) on April 15, which overhauls the union's Data Protection Directive rules set forth in 1995. This regulation applies to all business and organizations targeting EU consumers, regardless of their geographic location.