Mar 152021
 
 March 15, 2021  Posted by  Breaches, Surveillance, Workplace

Carol A.F. Umhoefer and Alaa Salaheldin of DLA Piper write:

Global companies face increased pressure to adopt strong cyber risk mitigation measures in today’s rapidly evolving cyber threat-heavy business environment. According to security company PurpleSec LLC, in 2020 alone, cybercrime is reported to have increased by up to 600% as a result of new incentives and opportunities for hackers – including many more remote work environments – in the COVID-19 pandemic. Notably, ransomware and phishing attacks have become increasingly common.

Where a cyberattack materializes into a loss of personal information, theft of intellectual property, or a business disruption, a company may be subject to significant legal, business, and reputational costs. For example, in 2020, the average cost of a single ransomware attack was reported to exceed $130,000, the average ransom payment made by large companies was $780,000, and the average business downtime caused by a successful ransomware attack increased by 200% (see PurpleSec: 2020 Ransomware Statistics, Data, & Trends).

But one of the measures designed to prevent, detect and manage cyberattacks – network monitoring – can involve continuous surveillance and processing of employee personal information, setting IT security and data privacy rights on a collision course. Consequently, when approaching cyber risk mitigation, it is important that companies consider data privacy and employee network monitoring laws in all jurisdictions in which they operate.

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