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10 Int'l. In-House Counsel J. 1 (2016-2017)
Is Your Data Protected? A Look at Cybersecurity Regulations in the US and EU

handle is hein.journals/iihcj10 and id is 584 raw text is: International In-house Counsel Journal Vol. 10, No. 40, Summer 2017, 1 Is Your Data Protected? A Look at Cybersecurity Regulations in the US and EU RENEE WILSON Senior Paralegal, Enterprise Regulatory Law Department, Prudential Financial, USA STEPHEN SHINE Chief Regulatory Counsel, Enterprise Regulatory Law Department, Prudential Financial, USA BREACHES AND CYBER-ATTACKS-OVERVIEW In recent years, cybersecurity has become one of the largest issues facing senior management and boards of directors in regulated industries. As technology progresses and the sophistication of hackers has grown, companies must increase measures to protect client data and initiate preventative measures to thwart cyber-attacks. Cyber- attacks, which tend to be more directed and intentional, are not the only technological issues companies face. Many companies also face issues of data breaches, which can be broader than cyber-attacks and often occur accidentally. Available evidence indicates that data breaches have occurred in approximately eighty to ninety percent of Fortune 500 companies and government agencies in the United States.1 From January 2005 through 2010, these data breaches have caused over 350 million records containing sensitive personal information to be compromised. The targets of many of these breaches included financial institutions, major retail corporations, universities, health care providers, and government agencies, both local and federal.3 In 2016, 1,093 data breaches were reported, representing a forty percent increase from 2015.4 The leading causes stem from hacker intrusion, stolen or lost laptops and computers, and insider theft of private information. Like data breaches, cyber-attacks have also increased over the past year. In May 2017, a global cyber-attack was launched, affecting computer systems in 74 countries around the world. 6 Another cyber-attack also affecting the world occurred in 2017 when more than 200,000 Microsoft Windows computers in 150 countries including FedEx, Britain's National Health Service, and Spanish telecom giant Telefonica, were hijacked by the WannaCry ransomware cryptoworm, which held user files hostage through encryption and demanded a Bitcoin ransom before the files would be unlocked/unencrypted.' Through 2015, there was an increase in cyber threats in the 'Abraham Shaw, Data Breach: From Notification to Prevention Using PCI DSS, 43, Colum. L.J. & Soc. Probs. 517, 517 (2010). 2 Id. at 517 s David C. Grossman, Comment: Blaming the Victim: How FTC Data Security Enforcement Make Companies and Consumers More Vulnerable to Hackers, 23, Geo. Mason L. Rev. 1283, 1286 (2016). '2016 Was a Record Year for Data Breaches, https://www.bloomberg.com/news/articles/2017-01-19/data- breaches-hit-record-in-2016-as-dne-wendy-s-co-hacked s Abraham Shaw, Data Breach: From Notification to Prevention Using PCI DSS, 43, Colum. L.J. & Soc. Probs. 517, 517 (2010). 62017 Security Breaches: Frequency and Severity on the Rise https:l/revisionlegal.corldata- breach/2017-security-breaches! '7Id. ISSN 1754-0607 print/ISSN 1754-0607 online International In-house Counsel Journal

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