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Data breaches occur because of technical issues like bad code to economic issues causing competing firm to not cooperate with each other to tackle data security. [31] In response, data breach notification laws attempt to prevent harm to companies and the public.
The threat of data breach or revealing information obtained in a data breach can be used for extortion. [16] Consumers may suffer various forms of tangible or intangible harm from the theft of their personal data, or not notice any harm. [91] A significant portion of those affected by a data breach become victims of identity theft. [82]
Approaches to data breaches are problematic. Challenging issues include compensation to victims, incentives for enterprises to invest in data security, and uncertainties for corporations about regulatory burdens and litigation risks. [16] Furthermore, data portability might decrease interest in innovations. [1]
The data breach occurred in April 2023, and the company learned about the incident in October 2023. The company settled the lawsuits with $30 million related to the breach.
Data breaches continue in 2023 as T-Mobile announced a data breach in January impacting 37 million accounts. The U.S. Marshals Service, meantime, reported a "major" security breach in February.
The General Data Protection Regulation (GDPR) is a European Union regulation that specifies standards for data protection and electronic privacy in the European Economic Area, and the rights of European citizens to control the processing and distribution of personally-identifiable information.
Data Breach Notifications - Requires organizations operating within the UK to disclose any and all information regarding recent breaches to the authorities and notify all parties impacted by the breach. Rights of Data Accessibility - Citizens have the right to access, modify, restrict and delete personal data collected by organizations. Legal ...
It raises specific issues of intellectual property, contract law, criminal law and fundamental rights like privacy, the right to self-determination and freedom of expression. Information technology law has also been heavily invested of late in issues such as obviating risks of data breaches and artificial intelligence.