Vedder Thinking | News Michael Waters Discusses the Current and Future State of Data Breaches in Legaltech News Article
Michael J. Waters, a Shareholder in Vedder Price's Chicago office and member of the firm's Privacy, CyberSecurity & Media practice group, was quoted in Legaltech News' article, "Data Breaches Continue to Be Focus of Consumer Complaints." According to the Federal Trade Commission’s Consumer Sentinel Network Data Book, identity theft and data breaches continue to be a growing cause of anxiety among not only C-suite executives, but also everyday consumers. In 2015 alone, the FTC reported that approximately 490,220 identity theft complaints were made, and it projects that this number will only continue to increase over time unless some type of action is taken.
Mr. Waters weighs in on this issue, stating that companies should take "reasonable steps" to try and protect the personal information of employees and customers before a breach takes place. He also points out that certain industries, such as health care, are already implementing specific privacy and security rules and that he "would not be surprised if [I see] other industries continue to follow suit." In addition, Mr. Waters comments on how certain organizations, such as the Office for Civil Rights of the federal Department of Health & Human Services and other state regulators, have been using breaches to conduct audit-like investigations when reviewing a company's privacy and security practices.
To read more of Mr. Waters' commentary, click here (login credentials may be required).