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Losing Customer Data Means Losing Customers, Period
To see the negative financial impacts of a breach of sensitive customer data, look no further than Target Corp., where a holiday-season data breach of up to 110 million credit and debit card accounts cost the company $61 million to manage in the fourth quarter of 2013, and will almost certainly keep costing for months to come. See, “Online Extra Cost of Target Data Breach: $61M ' So Far,” e-Commerce Law & Strategy, March 2014. Target was also hit with other expenses likely tied to the breach, but less directly. For example, net income dropped 46% in the last quarter of 2013, compared with the same quarter in 2012.
A new report, “Avoidable Collateral Damage from Corporate Data Breaches: Assessing the Effects of Data Breach Remediation on Financial Institutions, Healthcare Providers and Merchants” (lite registration required), supports the idea that becoming the next Target can be toxic for companies, particularly those in the finance, health-care and retail sectors, which usually collect and store customers' personally identifiable information (PII). The study, commissioned by sensitive data management solution provider Identity Finder, with research by Javelin Strategy & Research, also finds that many companies are offering identity protection services (IDPS) to customers in the wake of breaches, but that these might not be terribly effective tools.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
How AI Has Affected PR
When we consider how the use of AI affects legal PR and communications, we have to look at it as an industrywide global phenomenon. A recent online conference provided an overview of the latest AI trends in public relations, and specifically, the impact of AI on communications. Here are some of the key points and takeaways from several of the speakers, who provided current best practices, tips, concerns and case studies.
New York's Latest Cybersecurity Commitment
On Aug. 9, 2023, Gov. Kathy Hochul introduced New York's inaugural comprehensive cybersecurity strategy. In sum, the plan aims to update government networks, bolster county-level digital defenses, and regulate critical infrastructure.