Privacy and Data Security
In today’s business environment, protecting confidential and proprietary information is absolutely necessary to maintain a competitive advantage. Further, over the past several years, U.S. regulatory agencies have mandated that businesses protect consumer and employee information that could lead to identify theft. This increase in regulatory activity is a direct result of numerous data security breaches. Indeed, in the first quarter of 2008, 8.3 million personal and financial records have been compromised, with 167 data security breaches occurring in this period.
Few segments of our economy have been able to avoid data security breaches. Not surprisingly, companies are facing an outbreak of lawsuits alleging various statutory violations and negligence. Vedder Price has considerable expertise in the rapidly evolving field of information management. We represent companies affected by data loss and/or the wrongful disclosure of consumer data or personally identifying information. We have both the legal experience and the technical expertise in the field of information management and data privacy needed to help you plan for and prevent data privacy breaches.
Vedder Price Privacy Services Include:
- Providing counsel on statutory and regulatory privacy obligations, including HIPAA, FACTA and Gramm-Leach-Bliley Act compliance obligations
- Developing and implementing identity theft prevention programs
- Providing guidance and serving as litigation counsel in the event of a security breach or FACTA action
- Developing and implementing security breach response plans
- Counseling on best practices to minimize litigation risk and cost associated with maintaining personal data
- Developing comprehensive record management programs
- Auditing existing identity theft and record management programs, including identifying potential compliance gaps, and providing practical and proven recommendations for enhancing current policies and procedures
- Designing comprehensive training programs on employee privacy compliance
Representative Industry Segments Served by Our Privacy Team
- Financial Institutions
- Health Care
- Retail
- Aviation and Aerospace
- Investment Services
- Real Estate
Lessons Learned from Data Security Breaches
- All companies are at risk
- Data theft occurs from outside threats, but also occurs due to the actions of inside employees
- Inappropriate storage of records containing PII increases the risk of theft
- Employee error relating to data protection often occurs due to unclear or inadequate policies and procedures
- Privacy breaches often result from the negligence of vendors
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