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The Importance of Cyber Vigilance: Control Liability and Litigation Exposure
Cyber incidents occur daily. In its H1 2023 Data Breach Analysis, the Identity Theft Resource Center (ITRC) reported that data compromises are about to set a new record. There was an increase of 114% in reported data compromises from 2023 Q1 to Q2 reflecting the highest number of breaches ever during a quarter. (See, H1 2023 Data Breach Analysis: 2023 Data Compromises Are on a Blistering Pace to Set a New Record (Identity Theft Resource Center, 2023); Austin, Doug. "Most Data Breaches in a Quarter Ever, Reports. ITRC: Cybersecurity Trends" (eDiscovery Today July, 12, 2023).) According to Cybercrime Magazine, by 2025 the global damage from cybercrimes is forecasted to reach $10.5 trillion. (See, Wise, Jason. "15 Urgent Cybersecurity Statistics in 2023" (Earthweb Aug. 17, 2023).)
Cyber incidents threaten an organization's data management and retention capabilities, business operations, and client relationships. Even organizations with sophisticated security systems can be at risk.
But what is worse than a breach and attack? That would be the resulting class action lawsuit or other liability for failing to prepare and respond well. This increases costs and can damage reputation, but the good news is it can be addressed with proactive planning. While no organization can eliminate cyber risk, applying professional teamwork to the problem can lessen the blow. Having professional staff and outside partners with the right knowledge and resources is the key to advancing good cyber health, remaining compliant, and avoiding that class action lawsuit.
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