Companies and organizations of all sizes across the U.S. are “not ready for crisis management of epic proportions,” cautions law firm Crowell & Moring in a new report issued last week.
“The gauntlet in 2014 will be much rougher, as mega-breach victims will face not only lost customers and hammered stock prices, but also class-actions, shareholder suits, regulatory investigations, and even Congressional scrutiny,” says the report “Data Law Trends & Developments: E-discovery, Privacy, Cybersecurity & Information Governance.”
A relatively new, and potentially very lucrative, legal specialty has been born of the recent upsurge in cyber attacks, and the legal profession is gearing up.
Numbers grow every month, but according to Ponemon Institute’s 2014 U.S. Cost of Data Breach Study, sixty-one percent of organizations say that data theft and cybercrime are the greatest threats to their reputations.
The Center for Strategic and International Studies (CSIS) estimates that the Internet economy generates between two and three trillion dollars a year, of which between 15 and 20 percent is lost to cybercrime.
This does not take into account an impending tsunami of lawsuits as consumers, businesses and agencies seek to recover damages.
In this ever-evolving threat landscape, the value of preventive security measures has never been higher. The small investment in EdgeWave’s agile, scaleable combination of superior technology and human analytics can keep your organization’s assets out of court. Visit EdgeWave for more information on protecting your organization.