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Untangling the Costs of Cyber Breach Recovery (and Strategies to Avoid Overbilling)
The global average cost of a data breach has surged 10% in the past year, reaching a record high $4.88 million. While operational downtime and lost customers remain major contributors, a growing portion of these costs stem from inefficient post-breach responses, particularly non-compliance with regulatory standards and the fines that come along with that. With regulatory pressure mounting, companies are leaning harder on legal professionals to steer them through the post-breach maze — ensuring that every notification is compliant, every deadline is met, and every dollar spent is strategic. In a landscape where one misstep can mean millions, navigating cyber recovery has become as much a legal challenge as a technical one.
|The Cost of Improper Notification
Non-compliance, in the context of a breach, goes beyond failing to meet privacy, security, and data-handling regulations ahead of the breach (which often contribute to the breach itself). It also includes failure to meet post-breach requirements, particularly those related to notification.
When sensitive data is exposed, companies are legally required to notify affected individuals, businesses, and, in some cases, law enforcement, regulatory bodies, and the media. Every U.S. state has legislation mandating prompt disclosure of breaches involving sensitive personal information, the details of which vary by jurisdiction, industry, and type of data.
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'Huguenot LLC v. Megalith Capital Group Fund I, L.P.': A Tutorial On Contract Liability for Real Estate Purchasers
In June 2024, the First Department decided Huguenot LLC v. Megalith Capital Group Fund I, L.P., which resolved a question of liability for a group of condominium apartment buyers and in so doing, touched on a wide range of issues about how contracts can obligate purchasers of real property.
How Secure Is the AI System Your Law Firm Is Using?
In a profession where confidentiality is paramount, failing to address AI security concerns could have disastrous consequences. It is vital that law firms and those in related industries ask the right questions about AI security to protect their clients and their reputation.
The Power of Your Inner Circle: Turning Friends and Social Contacts Into Business Allies
Practical strategies to explore doing business with friends and social contacts in a way that respects relationships and maximizes opportunities.
Issues in Reverse Morals Clauses In Talent Influencer Contracts With Product Brands
The next company general counsel to slide a morality clause across the desk for a celebrity or web influencer to sign shouldn't be surprised if that talent also whips out a morals clause, one to cancel the contract if the company's brand acts immorally.
Pleading Importation: ITC Decisions Highlight Need for Adequate Evidentiary Support
The International Trade Commission is empowered to block the importation into the United States of products that infringe U.S. intellectual property rights, In the past, the ITC generally instituted investigations without questioning the importation allegations in the complaint, however in several recent cases, the ITC declined to institute an investigation as to certain proposed respondents due to inadequate pleading of importation.