This past holiday season saw the Cyber Grinch make stops at Target Corp., Neiman Marcus and Michaels Stores Inc. in the form of massive point of sale (PoS) consumer data breaches resulting in dozens of lawsuits, bad press and logistical corporate nightmares. In the wake of the PoS breaches, countless articles were written warning of the very real and imminent threat of future cyberattacks and data breaches.
Four months and many class action lawsuits later, the cyber and data landscape has drastically changed:
- The National Institute of Standards and Technology (NIST) released its highly anticipated framework to help guide companies through cybersecurity issues.
- The New York Supreme Court ruled that general commercial liability insurance policies do not cover cyberattacks and/or data breaches.
- A federal district court in New Jersey ruled that the Federal Trade Commission has the authority to regulate and the power to punish private companies that have been attacked or breached.
- Various states are scrambling to introduce cybersecurity legislation.
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