Third-Party Data Breach Costs | On-Demand Webinar

Agenda:

Chadwick A. McTighe, Member
Stites & Harbison, PLLC
&
Sarah Cronan Spurlock , Member
Stites & Harbison, PLLC

• Data breaches are not ending any time soon, especially as more and more information is stored digitally.  Whether through simple oversight (e.g., someone sends the wrong list out) or malicious acts (hackers), it is less a question of whether you will suffer a data breach and more a question of when. Adding third party vendors who possess your data adds another layer of risk.
• Data breaches are costly—in more ways than one.  There is the cost of remedying them, both in terms of dollars spent and the diversion of employee resources. There is the cost of the inevitable litigation. There is the intangible cost of reputational harm. These costs do not go away just because an external vendor is responsible for the breach (though some can be mitigated at least). Cyber insurance and vendor contracting can be utilized as part of a risk mitigation strategy.
• Being proactive to reduce the risk of data breaches is a must. This includes not only assessing and addressing potential weaknesses in your own systems and ensuring adequate security measures are in place, but also ensuring third party vendors are taking necessary steps to secure your data. We will discuss vendor management as an important component of an organization’s layered defense against cyber attacks
• How you respond to an incident is critical. Mitigating the harm to your organization is, of course, important, but it can be even more critical to take immediate steps to mitigate the harm to those whose information was compromised (customers, employees, etc.). This includes taking steps to address a breach that occurs with a vendor. Addressing an incident will be much easier with proper protocols and processes already in place with the vendor. We will discuss factors that tend to increase and decrease costs associated with a data breach.
• Tips on best practices/concluding thoughts. We’ll recap some of the key takeaways from the presentation and offer practical tips on how to prevent and address third party data breaches.

Who Should Attend: