Data Breach – Understanding State Laws
A significant area of focus in light of a data breach is identifying how to best incorporate business insurance around cybersecurity into an overall security program for financial services firms. While insurance does not preclude your business from evaluating and adopting the hardware, software and protocols as foundational elements of your security initiative, it is an essential wrapper as a finishing touch. The costs are extraordinary for a breach involving confidential data when considering the forensic research to identify the breach cause and resolution, along with issues around notification procedures, credit report monitoring, public relations and more.
The National Conference of State Legislatures has published a guide to the current laws on the books for forty-seven states and other US domains.