LawFuel.com – Cyber crime can derail your company. A breach in your security can expose you to fraud, data loss, intellectual property theft, regulatory sanctions and/or subsequent litigation.
Recent government initiatives and draft legislation in the US and Europe show that regulators consider cyber security a top priority. The laws are changing quickly and are often hard to understand. So, you could face regulatory fines as well as adverse publicity for not disclosing security breaches or not complying with data protection laws.
Similarly, your contractual obligations to customers and other parties may not accommodate the disruption to your business from a cyber incident.
Who’s at risk?
If you use a computer, smartphone or tablet, you are at risk. The finance, energy, insurance, defence, transport, tech and telecoms sectors are particular targets for cyber attack, but no industry is immune.
If you work internationally, you also will need to make sure that you have a co-ordinated cyber security policy that complies with laws and disclosure obligations in different jurisdictions, in particular the US and EU. The proposed EU cyber security directive could lead to common technical standards across all business sectors.
As with any material risk, you should consider insurance cover: specific cyber risk policies are already in the market.
How we’ll help you
We can assess your risk profile in the event of a cyber incident, and the risk profile of your counterparties. Plus, we can mitigate your risk of litigation, advise you on who you should tell – and not tell – about any breach, and defend you against third-party claims.
We can help you develop robust internal controls that comply with worldwide regulations. Likewise, we can give your staff strong legal defence if you’re attacked.
We also advise clients on legal agreements for cyber security standards. As a global firm, we are able to address multi-jurisdictional issues, such as how to prepare for new regulatory frameworks across different countries.
On insurance, we can help you review your current policies and handle disputes regarding coverage, if required.