Despite estimates that global annual losses from cyberattacks could reach $10.5 trillion by 2025, a large percentage of companies remain unprepared for the data protection challenges they face.
While almost half of respondents have suffered a cyber incident serious enough to require notification of regulators and/or individuals, 67% still claim confidence in their organization’s ability to detect and mitigate a breach.
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ABOUT
PILLSBURY
Pillsbury’s Cybersecurity, Data Protection & Privacy team helps clients of all sizes and across every industry to proactively manage and safeguard the proprietary information they hold. Bringing together regulatory authorities, litigators, transactional lawyers, intellectual property counsel, seasoned government contracts practitioners and legislative strategists to provide a holistic assessment and response to changing data and cyber landscapes, we help organizations navigate new cyber technologies, adhere to complex and evolving regulations, defend against increasingly sophisticated attacks, and mitigate the financial and reputational harm that can accompany a breach.
CYBERSECURITY
Does your organization track local and global cybersecurity developments?
Does your organization currently have dedicated cybersecurity insurance?
Just 47% of survey participants have established a company policy for responding to ransomware attacks.
In a clear indication that information is more valuable than ever, nearly half of respondents see data leaks as representing one of the two biggest potential consequences of a cyberbreach, surpassing even direct financial losses.
The consequences of cyberattacks stretch far and wide.
"Cybersecurity and cyber risk mitigation are essential to our organization"
Does your organization have a ransomware response policy?
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Despite the pace of new cyber regulation, 1 in 3 respondents are not actively tracking related legal developments.
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Only 51% of survey respondents possess dedicated cybersecurity insurance.
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CONFIDENCE OR CRISIS?
“In many cases, it will be mandatory for a business to appoint a dedicated ‘data protection officer’ (DPO) as part of their cyber governance framework.”
Partner
Technology Transactions
“With the stakes so high, financial institutions must constantly ask themselves, ‘What happens when there is a breach?’”
“Protecting their company and its assets from a major cyberattack is the number one thing on every board member’s mind.”
Steven Farmer
Partner
Corporate
Deborah S. Thoren-Peden
Partner
Corporate
Justin D. Hovey
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“It is crucial for companies to identify insurance coverage gaps and evaluate how cyber insurance may help protect them at least against larger cyber losses.”
Partner
Insurance Recovery & Advisory
Tamara D. Bruno
“The federal government, for better or worse, has jumped with both feet into cybersecurity regulations.”
Partner
Public Policy
Brian E. Finch
For more information,
visit pillsburylaw.com/cyber.
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