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MGM Resorts is the latest victim of a cyberattack occurring on September 10th, which has set back the gambling and leisure giant substantially, both in terms of business function and income. MGM is not alone. Household names...more
Cybersecurity is a modern tech-savvy buzzword that often makes non-IT peoples’ eyes glaze over. This mindset is very risky, and cybersecurity should not be taken lightly. The truth is that cybersecurity, while highly...more
Takeaways - Boards need to take an active role overseeing cybersecurity measures. - Directors may be held personally responsible for lapses that result in attacks. - U.S. money laundering and sanctions rules may prohibit...more
What the FTC Wants, the FTC (Mostly) Gets - In recent weeks the Federal Trade Commission has been on a tear. As one example, on July 22 it announced a $700 million settlement with Equifax for “the 2017 data breach that...more
BY FAILING TO PREPARE, many companies have prepared to fail when it comes to thwarting cyberattacks. Fox Rothschild’s survey of corporate leaders reveals endemic misperceptions about what is necessary for privacy and data...more
Your organization will in all likelihood suffer a cyberattack. According to a recent study by Accenture, the average Canadian organization faces about 96 cyberattacks per year, nearly one third of which result in a security...more
On November 30, 2016, a federal district court dismissed a shareholder derivative complaint against various current and former directors of Home Depot arising from the well-publicized data breach the company suffered between...more
The hurdles for claims against directors for failed oversight in connection with data breaches continue to increase. On July 7, 2016, District of Minnesota Judge Paul Magnuson released derivative claims against top Target...more
We live in an era of increasingly prevalent cybercrime, and nonprofits are in the crosshairs. Harvard University, Penn State University and two BlueCross BlueShield entities are just a few nonprofit organizations that...more
To avoid potential personal liability for cybersecurity breaches, bank directors should take proactive steps to make sure their institution complies with all applicable regulations. In the wake of recent well-publicized...more
The risks associated with cyber-attacks and data breaches are growing in Canada and internationally and the costs associated with an organization preventing, detecting, responding to and recovering from such an incident can...more
Over the last few months, we’ve been talking about cybersecurity issues for employers. We’ve discussed the responsibilities and risks associated with personally identifiable information and the wave of lawsuits resulting...more
Corporate directors and officers may increasingly be targets of shareholder derivative lawsuits in the wake of the surge of regulatory actions and private litigation around data breaches,. While no individual directors and...more
We have previously blogged about Commissioner Aguilar’s recommendations at a NYSE conference, “Cyber Risks and the Boardroom” on what boards of directors should do to ensure that their companies are appropriately considering...more
Earlier this week a federal district court in New Jersey dismissed with prejudice a shareholder derivative suit, Palkon v. Holmes, No. 14-CV-01234 (SRC) (D.N.J.), that tried to blame the directors and officers at hospitality...more
A federal district court in New Jersey has dismissed with prejudice a shareholder derivative suit, Palkon v. Holmes, No. 14-CV-01234 (SRC) (D.N.J.), that tried to blame the directors and officers at hospitality company...more
All this week, we are featuring a series “Cyber Risks – Director Liability and Potential Gaps in D&O Coverage” Part 2 of 5: Why Directors Should Be Concerned...more
Each day this week, we are going to explore some of the issues in the rapidly growing area of cyberliability. We will examine the recent increase in focus on privacy issues, why directors should be concerned, the top...more
On our last “day of Privacy”, we have a little extra (perhaps a lump of coal….) post: in 2014, cyber risk has been elevated to a board issue – read on and forward to your favorite company director! As we have discussed...more