NEWS FOR LAWYERS AND SOURCING PROFESSIONALS
A common concern of parties involved in technology transactions is the potential high costs incurred in the event of a data breach. In an attempt to establish the legitimacy of the amounts one can actually expect to face, the Ponemon Institute, considered the preeminent research center dedicated to privacy, data protection, and information security policy, published the Cost of a Data Breach Report setting forth a vast data set that analyzed data breaches at over 500 organizations to spot trends and developments in security risks and best practices.
As discussed in a post from last month, annual spending worldwide on cloud services continues to rise with an expected increase up to $332 billion by the end of 2021, which is an increase from $270 billion in 2020. While the private sector is marching forward with increased reliance on hosted services, US government organizations have followed suit by increasing spending in cloud-based solutions allowing them to capitalize on the cost-savings and innovation gained by SaaS offerings.
In a recently published article on TechRadar, Morgan Lewis partner Mike Pierides and associate Charlotte Roxon consider both the UK government’s plans to publish a National Artificial Intelligence Strategy and the EU Commission’s proposed EU-wide artificial intelligence legislative framework, and any potential alignment between the two.
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As discussed in a post from earlier this week, President Joseph Biden issued an executive order on May 12, 2021 to improve the nation’s cybersecurity. The White House has put its proverbial money where its mouth is by proposing a $58.4 billion information technology spending plan that includes $9.8 billion specifically earmarked for civilian government cybersecurity measures as well as an expedited push towards SaaS and cloud services solutions.