HomeDepot Shareholders are taking action against Home Depot. They have filed suit to request corporate documents, potentially for the purpose of investigating wrongdoing by corporate officers or directors.
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Data Breaches Fuel Cyber Security Start Ups
“In the 2015 first half, venture firms invested $1.2 billion in cybersecurity startups, according to researcher CB Insights.”
Data breaches are taking this nerdy issue, cyber and data security, and turning it into big business, well funded, with a lot of government regulation, oversight, and contracting opportunities.
Representation Opportunity: Insurance in Data Breaches
For the first time ever, Zurich Surety registers as a lobbyist in Canada amid interest in data security legislation.
Folks, data security insurance is a business that is growing exponentially. The well read will remember that just last week, Information Intelligence brought you news of the first lawsuit concerning insurance coverage in a data breach.
Rapidly growing industry. Not Yet in Texas. Hello opportunities.
Federal Data Breach Sparks Call for Trade Sanctions
This week, Rep. Mo Brooks (R-Ala.) introduced the “Protect US Act,” which would:
- Give the president and Congress the power to add foreign powers accused of harboring or conducting hacking to a “State Sponsors of Cyberattacks” list.
- The president would be granted power to impose a wide range of trade sanctions on those countries.
China/Chinese hackers were allegedly behind the massive federal government data breach.
Data Security and Electric Grids
Sen. Debbie Stabenow (D-Mich.) and Sen. Martin Heinrich (D-N.M) say the Energy and Water Development funding bill shortchanges our electric grid from being properly protected from a cyber attack.
They call for funding the following data security protections:
- virtual forensics platform,” intended to detect malicious actors sitting on the network
- Replace the $11M removed from the Cybersecurity for Energy Delivery Systems
Trend: States Strengthening Health Data Privacy
Connecticut and Oregon both strengthened laws protecting health care data this year. Specifically the states , strengthened protections of personally identifiable information (“PII”).
- Connecticut did this:
- Effective October 1, 2015, S.B. 941
- Requires notice of a breach of personal information within 90 days of discovery
- If a breach involves social security numbers, must offer a year of complimentary identity theft prevention and mitigation services, and the notifications must…
- Effective October 1, 2015, S.B. 941
Secure Data by Collecting More Data. Credit Card Companies Look to Biometrics.
In an effort to protect data, large financial entities, like credit card companies, are looking to collecting facial recognition software to further protect their and your financial data.
Storing biometric information along side financial information at one company seems like that company is putting put a neon sign that reads, “Hacker Dreams Come True Here.”
47 Attorneys General Oppose National Data Breach laws. Support States Rights.
47 Attorneys General signed a letter supporting state authority over data breach enforcement and strongly opposing any attempts at federal preemption.
Gen. Paxton is notably absent from the list: Arkansas, Connecticut, Illinois, Indiana, Maryland, Massachusetts and Nebraska, was also joined by the following states and territories, according to the news release: Alabama, Alaska, Arizona, California, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Iowa, Kansas, Kentucky,…
Data Breach at the Zoo
A company that controls concession stands at 9 zoos across the country announced a data breach just in time for summer tourism.
Legal Trend: Stand Alone Cybersecurity Insurance Coverage Denied for Breach Claim. First Legal Case on the issue.
Say you’re a health care provider. You buy data breach insurance policy to cover any potential hacks or breaches. you think you’re doing the right thing to protect your business.
Then, your data gets hacked. You file a claim with your insurance company. You’re denied. You go to court.
The insurance company says the health care provider failed to provide the required minimum security standards.
Its a case of first impression. It’ll make history and make legislation far and wide as the…