States Aggressively Amend Data Breach Notification Obligations

As this current risk continues to evolve we will see the US government be reactionary is putting through mandates and obligations which will ultimately be pushed down to every business owner in the country. The national breaches catch everyone’s attention (US government hack & Target) and the larger they get the more aggressive the State mandates will become.

The 2015 NetDiligence Cyber Claims Study that was recently released indicates: in 2014

  • the average claim payout was $733,109
  • the average claim payout for a large corporation was $2.9M
  • the average payout in Healthcare was $1.3M
  • the average cost per-record was $956.21

The NetDiligence report is based off of a pool of real claims that occurred. The data was collected by pioneers in this space such as Chubb, Philadelphia Insurance, AIG, Travelers, Marsh, etc.

Here is a link to an article published by Jones Day (legal) on the State changes in notification.

Jones Day – July 9, 2015

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