In the latest securities class action lawsuit to be filed against a company that has experienced a data breach or other cybersecurity incident, a plaintiff shareholder has filed a securities suit against Capital One in connection with the company’s recent massive data breach. While there have been a number of data breach-related securities suits before, there are some unique features of the Capital One situation that make it distinctive and interesting, as discussed below. The plaintiff shareholder’s October 2, 2019 complaint can be found here.
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cybersecurity nowThere is little doubt that cybersecurity is one of the most pressing issues in the contemporary corporate, political and economic arena. When, as have seen, cybersecurity has become a critical issue in the U.S. political and electoral processes, it is clear that the consequence and complications associated with cybersecurity have become both acute. Cybersecurity has become a pervasive issue that with political, military, and economic implications. It is also one of the foremost issues – if not the foremost issue – in the corporate risk management environment. In a complex and rapidly changing world, many companies and their senior officials are struggling to deal with cybersecurity issues and their implications.
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weipwcAs I have noted frequently on this blog (most recently here), it is becoming increasingly clear that cybersecurity is viewed as a board level issue. At the same time that many boards have taken up the concerns surrounding cybersecurity issues, their companies increasingly are becoming dependent on cloud computing – which potentially could make