Orrick Attorneys Aravind Swaminathan and Christian Schröder recently discussed how impending changes to EU data privacy laws will fundamentally change how European companies respond in the face of a cyber attack or data breach. The article examines the cyber threat landscape and suggests how EU companies should assemble the right individuals into an incident response team for dealing with a data breach. Drawing on their experience managing client data breaches in the United States, the authors provide concrete strategies for EU companies to deal with a data breach—before, during, and after the event. For more on how to prepare for the impending changes to EU data privacy laws, click here.
There has been no recent shortage of high-profile cyberattacks and data breaches leaving businesses with millions of dollars in losses. Verizon’s 2015 Data Breach Investigations Report counted 79,790 security incidents (including 2,122 confirmed data breaches) in the last year alone. If you’re a business that stores information electronically—that is, if you’re any business at all—you’re probably sufficiently worried about cyber threats just by reading the news. But if you haven’t fully appreciated the seriousness of the problem yet, the insurance industry is happy to help. As one insurer warns in its marketing materials, “many companies don’t realize that whether they experience a data security breach isn’t as much a matter of if it will happen as when.” Sufficiently terrified of cyber threats? Don’t worry—these same insurers will let you know they offer coverage that will help mitigate your risk. As one insurer puts it, “when a security breach happens, you’ll need comprehensive protection from an insurer that specializes in handling cyber risks, offers a full suite of integrated insurance solutions to help minimize gaps in coverage, and understands how to tailor coverage to your business.” READ MORE