Cosentino, Glantz Author Article on Cyber Awareness for Colorado Banker

07.29.2022

In response to the rising number and sophistication of cybersecurity incidents and ransomware attacks, Stinson LLP Partners Steve Cosentino, CIPP and Perry Glantz discuss how to best prepare for a security incident and minimize the risk of class action lawsuits and other liability exposure in an article for Colorado Banker magazine.

In "Cyber Awareness: Decreasing the Cost of a Cybersecurity Attack," Cosentino and Glantz focus on new damages theories in cybersecurity class action litigation. They discuss a novel argument that the amounts charged by the defendant company would have to have been reduced if the relevant market consumers were aware of the company's failure to protect consumer data.

Cosentino and Glantz also detail some of the technical preventative measures, policies and procedures, and training needed to help combat causation arguments in data security litigation. "With threat actors using more sophisticated phishing attacks and payment fraud schemes, it is important to provide ongoing cybersecurity awareness training to employees to counter new attacks," Cosentino and Glantz said. "Employers should keep thorough records of your training and the amount of time and expense involved."

The attorneys further discuss the damages component of data breach class action litigation, particularly in an era where personal identifiable information is easily available on the black market. Data breaches are inevitable, but the attorneys state that "with a solid prevention program and good documentation on all of the internal and external costs of your program, you will have a much better defense that the ticket was worth the price of admission."

Cosentino's practice is strategically positioned at the intersection of technology, finance and law, with a focus on technology related transactions and compliance, and an emphasis on software licensing and services, banking technology, data center services, outsourcing, data privacy, e-commerce, advertising, cloud computing and cybersecurity. He counsels clients on crisis management, data breach response and compliance with U.S. and international privacy and data security laws.

Glantz represents clients in all aspects of energy, banking, trust and fiduciary, real estate, oil & gas, construction, contracts and general commercial litigation matters. He regularly serves as lead trial counsel to numerous clients through complex business litigation proceedings.

Read the full article.