By Richik Sarkar and James J. Giszczak
May 19, 2015
Richik Sarkar, a member of McDonald Hopkins LLC, regularly advises banks and bank vendor on risk management issues. His expertise is in contracts, commercial law, sales and trade practices, business torts, professional negligence and malpractice, financial services law, internal investigations, corporate governance and compliance and risk management. James J. Giszczak, who is Vice Chair of the firm's Litigation Department and Chair of its Data Privacy and Cybersecurity Practice Group, advises clients regarding data security measures and responding to security breaches involving sensitive personal information and protected health information.
As financial institutions of every type and size -- national, regional and community banks, thrifts, mutuaIs, credit unions, and non-bank lenders -- increase their collection of personal information about their customers and employees, they become larger targets for a data privacy incident. Financial institutions are truly in a cyber war and must fight this battle on four fronts: external threats, intentional misappropriation by rogue employees, data accidentally lost or misplaced, and vendor negligence; accordingly, proper tactics and strategy are essential for survival.