Topics: Cyber Liability
Businesses should clearly state what type of data breach requires a response plan, which will vary by industry. Perhaps the company stores personally identifiable information (PII), such as social security numbers, date of birth, mother's maiden name and so on. This type of information is typically legally protected data, and many state laws require businesses to notify the victims after such a data breach. Another common cybersecurity attack involves incidents that could lead to a material loss in the company, for instance, when confidential information or trade secrets become compromised.