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Headlines around the world have been telling us to prepare for an increase in cyber attacks. All businesses are on high alert, looking to secure their systems and protect themselves from hackers. But it’s not always that easy. In 2021, when hackers launched an attack against Colonial Pipeline[11] , it caused a disruption in fuel supplies to the US and caused long lines at the pump. How did they do it? The Colonial CEO told U.S. senators that it came down to the theft of a single password.
It’s not just large corporations that are vulnerable. Every company in every jurisdiction is vulnerable. Aside from dealing with an attack, businesses are increasingly facing the prospect of litigation in the aftermath of cybersecurity breaches – from consumers seeking compensation after their data has been stolen to shareholders seeking compensation after stocks plummet.
So what do companies need to know? We asked Vassi Illiadis, a counsel based in Hogan Lovells’ Los Angeles and Silicon Valley offices, who, focuses on data privacy, litigation and investigations, and Arwen Handley, a financial services…
