Extract from article by Jonathan Kolodner, Daniel Ilan and Rahul Mukhi on Law360.com
Over the last year, the existential risk posed by cyberattacks and data security vulnerabilities has become one of the top concerns for boards of directors, management, government agencies and the public. 2017 was punctuated by a series of headline-grabbing breaches affecting scores of companies and hundreds of millions of individuals. At the same time, there were fast-moving changes in the regulatory landscape as regulators across the globe tried to respond to the systemic threats and protect their constituents, while not imposing crippling costs on businesses. Of particular note, the New York Department of Financial Services cybersecurity regulations went into effect in 2017 and many companies spent significant resources preparing for the implementation of the European Union’s General Data Protection Regulation, which goes into effect in May 2018. There were also other important legal developments, including record-breaking civil and regulatory settlements by companies that had suffered major breaches, while U.S. courts have been grappling with unique standing and privilege issues raised in the context of cyber-related litigation.
This article surveys some of the key cybersecurity and data privacy developments of 2017, including the major data breaches and cyberattacks, regulatory and legislative actions, and notable settlements and court decisions, with an eye toward what may be in store in 2018.
Major Cyberattacks and Big Settlements in 2017: The New Norm?
2017 will likely be remembered as the year that the worst-case cyberattacks, which experts have been warning about for several years, came closer to reality than ever before. These mega-attacks drove the conversation among cybersecurity experts and were looming in the background of actions taken by the private sector, regulators and courts.
The remainder of this article goes into a detailed and informative dive into all of the influential cyberattacks and settlements that happened in the previous year.
To read the full article please visit Law360.com