Scarinci Hollenbeck, LLC
The Firm
201-896-4100 info@sh-law.comFirm Insights
Author: Scarinci Hollenbeck, LLC
Date: January 15, 2015
The Firm
201-896-4100 info@sh-law.comWith the support of the business community, President Barack Obama recently announced plans for a uniform data breach notification standard. Obama’s national federal standard was just one of several cybersecurity and data privacy initiatives the President has previewed in advance of his January 20 State of the Union Address.
Most states have data breach notification laws in place, which dictate how private and government entities must notify individuals of data breaches involving personally identifiable information. The federal regulation would replace these laws, which often vary from state to state.
“It’s confusing for consumers and it’s confusing for companies—and it’s costly, too, to have to comply to this patchwork of laws,” the President stated. “Sometimes, folks don’t even find out their credit card information has been stolen until they see charges on their bill, and then it’s too late.”
The proposed data privacy initiatives and notification legislation would also make it a crime to sell customers’ identities overseas.
As previously discussed on the Scarinci Hollenbeck Business News Blog, the cost of data breaches is on the rise. According to the Ponemon Institute’s 2014 Cost of Data Breach Study, the average cost of a data breach was $3.5 million in 2013, representing a 15 percent increase over 2012 figures. A national standard is expected to lesson the costs of responding to data breaches by allowing companies to develop one response plan that can be implemented across multiple jurisdictions in which they have operations.
Do you have any feedback, thoughts, reactions or comments regarding Obama’s statements on data privacy initiatives at the State of the Union Address? Feel free to leave a comment below and follow the twitter accounts @@, @
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
If you’re considering closing your business, it’s crucial to understand that simply shutting your doors does not end your legal obligations. Unless you formally dissolve your business, it continues to exist in the eyes of the law—leaving you exposed to ongoing liabilities such as taxes, compliance violations, and potential lawsuits. Dissolving a business can seem […]
Author: Christopher D. Warren
Contrary to what many people think, corporate restructuring isn’t all doom and gloom. Revamping a company’s organizational structure, corporate hierarchy, or operations procedures can help keep your business competitive. This is particularly true during challenging times. Corporate restructuring plays a critical role in modern business strategy. It helps companies adapt quickly to market changes. Following […]
Author: Dan Brecher
Cryptocurrency intimidates most people. The reason is straightforward. People fear what they do not understand. When confusion sets in, the common reaction is either to ignore the subject entirely or to mistrust it. For years, that is exactly how most of the public and even many in law enforcement treated cryptocurrency. However, such apprehension changed […]
Author: Bryce S. Robins
Using chattel paper to obtain a security interest in personal property is a powerful tool. It can ensure lenders have a legal claim on collateral ranging from inventory to intellectual property. To reduce risk and protect your legal rights, businesses and lenders should understand the legal framework. This framework governs the creation, sale, and enforcement […]
Author: Dan Brecher
For years, digital assets operated in a legal gray area, a frontier where innovation outpaced the reach of regulators and law enforcement. In this early “Wild West” phase of finance, crypto startups thrived under minimal oversight. That era, however, is coming to an end. The importance of crypto compliance has become paramount as cryptocurrency has […]
Author: Bryce S. Robins
Earlier this month, the U.S. Supreme Court issued a decision in Ames v. Ohio Department of Youth Services vitiating the so-called “background circumstances” test required by half of federal circuit courts.1 The background circumstances test required majority group plaintiffs pleading discrimination under Title VII of the Civil Rights Act to meet a heightened pleading standard […]
Author: Matthew F. Mimnaugh
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.
Let`s get in touch!
Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!