In today’s world of ubiquitous Internet connectivity, no company is immune from cyberattack. Indeed, as many cybersecurity experts say, there are only two types of companies left in the United States: those that have been hacked and those that don’t know they’ve been hacked. President Obama has declared that the “cyber threat is one of the most serious economic and national security challenges we face as a nation” and that “America’s economic prosperity in the 21st century will depend on cyber security.” President Barack Obama, Remarks by the President on Securing Our Nation’s Cyber Infrastructure (May 29, 2009). Companies can incur significant costs as a result of cyberattacks, including costs related to the deployment of additional personnel and security technologies to protect against future attacks, loss of revenues due to offline websites, theft of intellectual property, loss of competitive advantages due to unlawful access to pricing and marketing strategies, remediation costs from theft of customers’ personal or financial data, litigation, and loss of goodwill and customer relationships.
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