D&O Coverage May Be An Asset During Data Breaches

Law360, New York (January 26, 2015, 2:06 PM EST) -- It seemed like not a month went by in 2014 without the announcement of a large or high-profile breach of consumer data. There were enough data breaches that 60 Minutes termed 2014 "The Year of the Data Breach." Home Depot Inc. estimated that 56 million payment cards were likely compromised in the cyberattack at its stores, making it a larger data breach than the Target Corp. breach in 2013. Through June 2014, Target had incurred costs of $148 million related to its breach, in which hackers stole at least 40 million payment card numbers and 70 million other pieces of customer data. As compared to 2013, the number of incidents detected by respondents increased by 48 percent in 2014 data, climbing to 42.8 million.[1] That number comes out to 117,339 incoming attacks each day. Moreover, the annual average financial loss for cybersecurity incidents for 2014 was $2.7 million, a 34 percent increase over the previous year.[2] Although 2014 has ended, every indication suggests businesses will continue to face challenges in 2015 to their data security and that, with the continued proliferation of consumer data, responding effectively to those challenges will become increasingly critical and expensive....

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