As corporate directors and security teams grapple with the new cybersecurity regulations imposed by the Securities and Exchange Commission (SEC), a stark warning emerges regarding the potential impact of mishandling protected personally identifiable information (PII). David Anderson, Vice President of Cyber Liability at Woodruff Sawyer, underscores the looming threat that claims arising from privacy mishandling could rival the costs associated with ransomware attacks.
Anderson notes that, while privacy claims may take years to navigate the legal process, the resulting losses can be just as catastrophic over the course of three to five years as a ransomware claim is over three to five days. This revelation comes amidst a shifting landscape where privacy issues, especially those related to protected PII, are gaining prominence in the cybersecurity arena.
In a presentation outlining litigation trends for 2024, Dan Burke, Senior Vice President and National Cyber Practice Leader at Woodruff-Sawyer sheds light on the emergence of pixel-tracking claims as a focal point for plaintiffs. These claims target companies engaging in website activity tracking through pixels without obtaining proper consent, adding a new layer of complexity to the privacy landscape.
A survey conducted by Woodruff-Sawyer reveals that 31% of cyber insurance underwriters consider privacy as their top concern for 2024, following closely behind ransomware,
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