Well, that didn’t take long. New York State implemented new cybersecurity regulations in March 2019. Two months later, on May 24, 2019, a real estate title insurance company called First American Financial Corporation announced that it had become aware of a massive security breach. The New York Department of Financial Services sent a letter to First American that same day requesting information about the event.
It took just three days after that for a nationwide class action to be filed in federal court in California. The lawsuit, filed on May 27, alleges that First American was vulnerable to an attack because it ignored warnings about its network security – a violation of New York’s new law.
Legal and financial liability can explode in mere days after a security breach. That’s why you need a plan both to minimize the risk of an incident and to mitigate the damage if one occurs. Xantrion can help you draw one up.