In the first half of 2022 alone, there were over 800 reported corporate data breaches in the United States. The vast majority were attributable to cyber attacks. Cyber attacks are and have been a mainstay of the 21st century due to the ever-increasing sophistication and persistence of criminal hackers. Part of the fallout of these attacks is a new trend in derivative lawsuits brought by shareholders seeking to hold boards of directors responsible. Most of these suits, however, are dismissed outright. A recent example is Construction Industry Laborers Pension Fund v. Bingle, No. 2021-0940, 2022 WL 4102492 (Del. Ch. Sept. 6, 2022) in the Delaware Court of Chancery.

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