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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 report shows that a data breach can discourage a significant number of customers from coming back to the business that has been hacked. After a retail data breach, 33% of respondents said they would avoid doing business with that retailer again. This number reached 30% for customers of health-care providers and 24% for customers of financial institutions or credit card issuers. “To see that such a high percentage of consumers have such a negative reaction and would change vendors ' even health-care vendors ' so readily did come as a surprise to us,” Aaron Titus, chief privacy officer and general counsel of Identity Finder, told e-Commerce Law & Strategy's ALM sibling, CorpCounsel.com.
Yachts, Jets, Horses & Hooch: Specialized Commercial Leasing Models
Defining commercial real estate asset class is essentially a property explaining how it identifies — not necessarily what its original intention was or what others think it ought to be. This article discusses, from a general issue-spot and contextual analysis perspective, how lawyers ought to think about specialized leasing formats and the regulatory backdrops that may inform what the documentation needs to contain for compliance purposes.
Hyperlinked Documents: The Latest e-Discovery Challenge
As courts and discovery experts debate whether hyperlinked content should be treated the same as traditional attachments, legal practitioners are grappling with the technical and legal complexities of collecting, analyzing and reviewing these documents in real-world cases.
Identifying Your Practice's Differentiator
How to Convey Your Merits In a Way That Earns Trust, Clients and Distinctions Just as no two individuals have the exact same face, no two lawyers practice in their respective fields or serve clients in the exact same way. Think of this as a "Unique Value Proposition." Internal consideration about what you uniquely bring to your clients, colleagues, firm and industry can provide untold benefits for your law practice.
Risks and Ad Fraud Protection In Digital Advertising
The ever-evolving digital marketing landscape, coupled with the industry-wide adoption of programmatic advertising, poses a significant threat to the effectiveness and integrity of digital advertising campaigns. This article explores various risks to digital advertising from pixel stuffing and ad stacking to domain spoofing and bots. It will also explore what should be done to ensure ad fraud protection and improve effectiveness.
Turning Business Development Plans Into Reality
This article offers practical insights and best practices to navigate the path from roadmap to rainmaking, ensuring your business development efforts are not just sporadic bursts of activity, but an integrated part of your daily success.