Target, in a recent document filed with the Securities and Exchange Commission, provided updated information on the financial impact of its 2013 data breach:
It now estimates paying $264 million in breach-related costs, ranging from litigation claims to the expenses it experienced for fixing systems and sending out information at the time of the attack (previous estimate were $252 million)
About $90 million has been covered by Target’s insurers
Cybersecurity, data breach, cyber attacks, and cyber insurance. Unless you live under a rock, you have heard of it. You better hope your lawyer has too!
Shawn Tuma argues that the minimum standard of care for lawyers practicing in 2015-16 requires a basic understanding of cyber insurance. He recently explained that argument, along with his co-author Katti Smith, a seasoned cyber insurance professional with AIG.
Shawn Tuma (@shawnetuma) is a business lawyer with an internationally recognized reputation in cybersecurity, computer fraud and data privacy law. He is a Cybersecurity & Data Protection Partner at Scheef & Stone, LLP, a full-service commercial law firm in Texas that represents businesses of all sizes throughout the United States and, through its Mackrell International network, around the world.
Cyber law, cybersecurity, cyber attacks, and cyber insurance — unless you live under a rock, you’ve heard of it. And, you had better hope your lawyer has also.
I would argue that the minimum standard of care for lawyers practicing in 2015 requires a basic understanding of cyber insurance. In fact, I did make that argument, along with my co-author Katti Smith, a seasoned cyber insurance professional with AIG.