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Florida’s Digital Bill of Rights Joins the Regulatory Framework
The proliferation of data breaches and increased sophistication of criminal attack vectors has led more states to enact their own reasonable security provisions as part of the patchwork quilt of privacy laws. Nineteen of the U.S. states which have enacted comprehensive privacy laws along with Florida’s Digital Bill of Rights (which took effect summer 2024) have provisions requiring controllers and businesses to establish, implement and maintain reasonable administrative, technical and physical data security practices to protect the confidentiality, integrity and accessibility of personal data. Adding to the risk post data breach of the enforcement of reasonable security provisions on the state level is also increased federal enforcement actions in an attempt to apply pressure companies to take more care on how they secure and disseminate consumer data. Companies should be aware of the varying applicable regulatory frameworks required to protect consumer data and avoid additional penalties and liabilities under the growing number of data security enforcers.
The Federal Trade Commission 2023 Privacy and Data Security Update publication released on March 28, 2024, demonstrated that the FTC filed 89 data security cases through 2023. In one of its enforcement actions for 2024, the FTC required a smaller company to reimburse consumers more than $370,000 stemming from inadequate data security measures that led to multiple data breaches over the course of several years. The corresponding orders for data security breaches levied by the FTC uniformly require organizations to perform data minimization, delete personal data that is no longer has a business justification to maintain; and develop a comprehensive information security program while certifying compliance to the agency for a set period of time, along with ongoing compliance review. The FTC’s data minimization requirements dictate companies must implement policies to retain personal information for only as long as is reasonably necessary to fulfill the business purpose for which the information was collected and specify the specific business need for retaining it. In addition, many of states with comprehensive privacy laws going into effect in 2025 have similar data minimization processes that should be in place.
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Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
Judge Rules Shaquille O'Neal Will Face Securities Lawsuit for Promotion, Sale of NFTs
A federal district court in Miami, FL, has ruled that former National Basketball Association star Shaquille O'Neal will have to face a lawsuit over his promotion of unregistered securities in the form of cryptocurrency tokens and that he was a "seller" of these unregistered securities.
Blockchain Domains: New Developments for Brand Owners
Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
Coverage Issues Stemming from Dry Cleaner Contamination Suits
In recent years, there has been a growing number of dry cleaners claiming to be "organic," "green," or "eco-friendly." While that may be true with respect to some, many dry cleaners continue to use a cleaning method involving the use of a solvent called perchloroethylene, commonly known as perc. And, there seems to be an increasing number of lawsuits stemming from environmental problems associated with historic dry cleaning operations utilizing this chemical.