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Agents, Stand Together in Helping Businesses Understand Standalone Cyber Insurance By Asaf Lifshitz | April 7, 2021
It is well known that small and medium businesses face an ever-increasing risk of cyber attacks. Sixty-three percent reported they had experienced a cyber breach in the last 12 months, when Ponemon surveyed them in the fall 2019 prior to COVID-19 lockdowns.
The damage from an attack can be a crippling blow to a small to medium business (SMB). The average cost of a breach to an SMB is $175,000, to say nothing of the business interruption and potential harm to the company’s reputation, according to a 2020 claims report from NetDiligence.
Wednesday, April 7, 2021
Virginia has joined California as the second state to enact a comprehensive data privacy law. On March 2, 2021, Virginia Governor Ralph Northam signed the Virginia Consumer Data Protection Act (VCDPA) into law. The VCDPA does not go into effect until January 1, 2023, but the broad privacy mandate will have an immediate impact on compliance efforts for many Virginia businesses.
The law includes elements similar to those found in the California Consumer Privacy Act (CCPA) and the newly enacted California Privacy Rights Act (CPRA), such as provisions granting Virginia residents the right to access, correct, delete, know about, and opt out of the sale and processing of their personal information for “targeted advertising” purposes. Similar to the European Union’s privacy analog, the General Data Protection Regulation (GDPR), the VCDPA imposes data security and consumer response obligations on the data “controller” and “processor”
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In this episode, Akin Gump cybersecurity, privacy and data protection practice co-heads Natasha Kohne and Michelle Reed, and counsel Molly Whitman discuss the firm’s new
2020 CCPA Litigation Annual Report and its sometimes-surprising findings.
Among the topics covered:
CCPA statutory overview.
Defending against CCPA claims.
To embed, copy and paste the code into your website or blog:
Virginia has joined California as the second state to enact a comprehensive data privacy law. On March 2, 2021, Virginia Governor Ralph Northam signed the Virginia Consumer Data Protection Act (VCDPA) into law. The VCDPA does not go into effect until January 1, 2023, but the broad privacy mandate will have an immediate impact on compliance efforts for many Virginia businesses.
The law includes elements similar to those found in the California Consumer Privacy Act (CCPA) and the newly enacted California Privacy Rights Act (CPRA), such as provisions granting Virginia residents the right to access, correct, delete, know about, and opt out of the sale and processing of their personal information for “targeted advertising” purposes. Similar to the European Union’s privacy analog, the General Data Protection Regulation (GDPR), the VCDPA imposes data security and consumer response obligations on the data “controller” a