Michael Agoglia will speak on the panel “Data Security and Privacy; Life Is Only Getting More Complex” at the Forum on Consumer Finance Litigation & Enforcement sponsored by Cambridge Forums.
The “Single Greatest Risk to the Financial System” – Cybersecurity, Data Breach, and Privacy Issues for Financial Institutions.
Is the SEC’s assessment of cybersecurity quoted above correct? This session will explore many issues that qualify the answer to that question. The panel will focus on the evolving landscape of best practices regarding consumer privacy and data security. The panel will cover the latest developments and lessons on post-breach disclosure, mitigation, litigation, and enforcement efforts. The topics will include:
- What are best practices to mitigate the possibility of, and exposure to, data breaches and unauthorized uses? How is third-party management adapting to meet the functional risks?
- What privilege protections, if any, can be counted on for data security and privacy protection efforts pre-breach and post-breach, including those undertaken by outside experts? How can disclosures to customers, employees, or regulators be structured to protect the corporate brand and the attorney-client privilege?
- Is there an effective strategy for insulating the C-suite from liability? Other risks? What are the potential types of liability? How can those potential liabilities be minimized before and after an incident occurs?
- What are the takeaways from recent breaches at major financial companies, along with the ongoing controversies at Facebook and the CFPB concerning collection and use of data (including from the different perspectives of the aggregator, seller, buyer, user, and keeper of that data)?
- What are the trend lines in consumer litigation approaches and outcomes? Has standing proven even harder to establish in a world where credit protection products are routinely provided at no cost?
- What role do SEC enforcement, shareholder derivative claims, and securities fraud litigation play in breach responses?
- How can the often separate, related, and competing demands of the FTC, CFPB, state AGs, and others be effectively addressed?
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