Your Bank’s or Vendor’s Data Breaches and The Losses To Your Company

Data breaches are caused by any number of cyber attacks: Hacks, Bugs, Malware, Trojans, Bots and Phishing, to name a few. When the attack is directed at your vendor or bank, it’s usually you or your company that suffers the loss of sensitive data; your company ends up the victim- vulnerable to abuse and fraud.

In addition to the damage of being subjected to fraudulent charges, fraudulent accounts and identity theft, you and your company typically will face an array of additional out-of-pocket expense, loss and time costs, such as:

  1. Detection Costs

    – Investigations
    -Assessment and Audit Tasks -Crisis Management Costs

  2. Notification costs

    – Postal expense

  3. Regulatory Compliance Costs

    – Engagement of outside experts

    – Regulatory agency response

  4. Remediation Costs

    – Website and Social Media – Staff costs
    – Credit monitoring

  5. Loss of Business

    – Product/service discounts – Loss of customers
    – Reputation loss
    – Diminished goodwill

Depending upon the Court, you or your company may be entitled to compensation for such expenses and losses, even if your company’s data has not been wrongly used by an unauthorized third-party.

This article is for informational purposes only and does not constitute and should not be considered legal advice.