In response to an unprecedented increase of data security breaches and hacker attacks around the world, McGuireWoods LLP announced today the creation of its Data Privacy and Security team. The team will include attorneys from the firm’s United States and London offices representing clients in the development of data security policies and procedures as well as comprehensive and immediate response plans should a company fall victim to a data breach.
Industry studies show that costs to companies suffering security breaches can be staggering, both from financial and public relations perspectives. According to a survey by the Ponemon Institute, the average cost to a company suffering an attack is approximately $7.2 million per incident. For example, last year the FBI reported that one company incurred a $52 million loss after hackers penetrated its security systems.
“With new threats surfacing each day, the risk of significant damage due to a security breach has never been higher for our clients,” said Melissa Glassman, deputy managing partner for McGuireWoods. “With this team, we will be partnering with our clients to ensure that they have the appropriate systems in place to help prevent such a breach, but we also want to ensure that we limit the damage should a breach occur.”
The multidisciplinary team will be led by William Cook, a partner in the firm’s Chicago office. Cook, a former assistant U.S. attorney for the Northern District of Illinois in the Special Prosecutions Unit, currently focuses his practice on a wide range of data privacy and data security matters. To view a short video profile of Cook, click here.
“No company wants to be blindsided by the increasing security threats arising in the U.S. and Europe,” Cook said. “Our team knows where to look to mitigate these risks, from the acquisition of technology systems to records management to credit card processing — almost every aspect of a business.”