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Legal Strategies for Responding to Cyber Intrusions Around the World

Financier Worldwide Magazine
03.15.17

In the early 1990s, international police forces estimated that less than 10 percent of computer crime was reported worldwide. Today, estimates suggest that a whopping 18 percent of cyber intrusions are reported. If that second estimate seems low to you, given the number of cyber intrusions that make the news every day, you are right – few businesses want to admit that they allowed a criminal to invade their information technology (IT) assets. With the vast proliferation of the use of cloud services and storage, Cisco estimates that by 2020, 92 percent of all data will be in the cloud, which means that this remotely hosted data will become the target of opportunity for many cyber criminals. The Cisco study reinforces the old joke that banks are robbed because that is where the money is, so it is highly like that the cloud will be the target of cyber intrusions, since that is where the data is.

As a result of the proliferation of businesses using the cloud around the world, the responsibility to report cyber intrusions has grown dramatically. Eighty-nine countries currently require reporting, and without question that number will only increase in the future. With the increase in requirements also comes additional complexity for lawyers attempting to advise their clients.

In the e-commerce world, there are nearly half a trillion credit card transactions each year, and even though many would think that there would (or should) be laws regulating the management of credit card data, it is, in fact, the credit card companies that have established their own rules. In 2006, the five largest credit card companies (Visa, MasterCard, American Express, Discover and JCB) established the Payment Card Industry (PCI) Security Standard Council, which in turn promulgated the Data Security Standards (DSS). The PCI-DSS require companies that handle credit card transactions to maintain secure IT operations and report any intrusions to the PCI.

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The publications contained in this site do not constitute legal advice. Legal advice can only be given with knowledge of the client's specific facts. By putting these publications on our website we do not intend to create a lawyer-client relationship with the user. Materials may not reflect the most current legal developments, verdicts or settlements. This information should in no way be taken as an indication of future results.

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