Scarinci Hollenbeck, LLC
The Firm
201-896-4100 info@sh-law.comFirm Insights
President Obama Announces Cybersecurity Data Privacy Initiatives
Author: Scarinci Hollenbeck, LLC
Date: January 15, 2015
Key Contacts
Back
SOTU Preview: President Obama Will announce Cybersecurity and Data Privacy initiatives
With 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.”
Under the Personal Data Notification and Protection Act, companies would have to notify consumers of a data breach within 30 days.
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.
For consumers, it should speed up the notification process considerably.
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 @@, @
- Locations: Red Bank, NJ, Little Falls, NJ, New York City
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
Are Stay Interviews the Key to Retaining Top Talent?
Retaining top talent continues to be one of the greatest challenges facing employers today. Even in an employer’s market, the loss of a key employee can disrupt operations and result in significant costs. While compensation plays a role, long-term retention often depends on workplace culture, communication, and employee engagement. One increasingly popular strategy for improving […]
Author: Angela A. Turiano
Why Secured Transactions Are Important
Secured transactions form the backbone of a wide range of business dealings, including business loans, mortgages, and inventory financing. Because the stakes are often high and relatively minor oversights can have drastic consequences, lenders and borrowers should thoroughly understand how to form an enforceable security agreement that protects their legal rights. What Is a Secured […]
Author: Dan Brecher
Don’t Cash a “Paid in Full” Check Without Understanding the Legal Implications
Cashing a check marked “paid in full” can be a risky endeavor, particularly if you don’t fully understanding the legal implications. If you are owed more than the amount of the check you accept and deposit, you may waive your right to collect the full disputed amount. That is why you should consider either rejecting […]
Author: Dan Brecher
Changes to Qualified Small Business Stock Will Benefit Startup Founders and Investors
The One Big Beautiful Bill Act of 2025 (OBBBA) significantly impacts federal taxes, credits, and deductions. A key change relating to Qualified Small Business Stock (QSBS) allows greater tax-free gains for investments in startups and other qualifying small businesses. Company founders and other investors should understand how the enhanced tax strategy works or risk missing […]
Author: Dan Brecher
Corporate Consolidation and Antitrust Issues in Mergers
Corporate consolidation involves two or more businesses merging to become a single larger entity. The result is often a stronger and more competitive company that can better navigate today’s competitive marketplace. What Is Corporate Consolidation? Corporate consolidation closely resembles a basic merger transaction. The primary difference is that a consolidation creates an entirely new business […]
Author: Dan Brecher
What is Business Law and Why Is it Important?
Business law plays a critical role in nearly every aspect of running a successful enterprise, from negotiating a commercial lease to drafting employee policies to fulfilling corporate disclosure obligations. Understanding what is business law and your legal obligations can help your business run smoothly and build productive relationships with clients, business partners, regulators, and others. […]
Author: Dan Brecher
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
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.