During the 2013 holiday season, retailers were targeted in some of the largest cyber attacks on record, compromising tens of millions of consumer payment card numbers. This holiday season—Friday December 18, 2015 to be exact—President Obama signed into law a $1.1 trillion spending bill. Included within the larger spending bill is the Cybersecurity Information Sharing Act of 2015 (the “Act”). As we continue to monitor the intersection of cybersecurity and the law, we wanted to take a closer look at the implications for the liability landscape in response to the Act.
Lawmakers advise that cyber risks often follow similar patterns and penetrate known vulnerabilities across multiple targets. Thus, the Cybersecurity Information Sharing Act of 2015 is intended to encourage early cyber victims to share as much information about the experienced data breach with the federal government and other similarly situated companies to arm against future parallel attacks. Companies willing to share information about hacks receive immunity from antitrust lawsuits and for claims predicated on their monitoring of information systems. For the full article click here
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