Risk managers, executives and business owners should care deeply about cyber data breaches because they are so costly and could hurt companies' profits for years, writes Robert A. Stines, a member of the Litigation Practice Group and Emerging Technologies Industry Team, in his recent article for Corporate Compliance Insights. He lays out the key areas of expense, including investigation, remediation, notification, credit monitoring, litigation, penalties and fees, and business interruption. To mitigate the situation and lower the expense, Mr. Stines suggests, companies should take reasonable precautions to prevent a data breach and, in the event of a data breach, have a response team ready.
To read the article, "What Makes A Cyber Data Breach Expensive," published Dec. 18, 2018, click here.
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