Privacy & Cybersecurity Update - June 2014

Skadden, Arps, Slate, Meagher & Flom LLP

In This Issue:

- New Studies Highlight Privacy and Cybersecurity Risks and Costs

- SEC Commissioner Addresses the Role of the Board on Cybersecurity Matters

- Supreme Court Decision on Cellphone Searches Provides Some Privacy Insights

- Decision in Hulu Case Creates Substantial Class Certification Hurdles Under VPPA

- Insurer Seeks Declaration That Theft of Consumer Payment Card Information Is Not Covered by Commercial General Liability Policy

- US-EU Safe Harbor: Change in Arbitration Fees

- Latest Developments in Wyndham Hotel Case

- New FFIEC Cybersecurity Website

- Italy Issues New Rules Relating to Cookies`


A number of recent studies have highlighted the risks and costs of cybersecurity attacks. According to a report from the Center for Strategic and International Studies (CSIS), cybercrime imposes a $445 billion annual cost on the global economy. A number that many will find startling is that about 40 million Americans, translating into approximately 15 percent of the population, have had personal information stolen by hackers. Significantly, especially given the media focus on credit card theft, the CSIS report noted that losses from the theft of corporate intellectual property exceeded the $160 billion loss to individuals from cyber-attacks. The study serves as an important reminder that even companies that are not holding personal information are susceptible to costly attacks and that a strong cybersecurity policy, response plan and governance model is essential.

Please see full newsletter below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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