Picture this scenario: Hackers have penetrated your company’s cyber defenses and made off with thousands of your customers’ social security numbers, credit card numbers, or healthcare records. Or, perhaps a trusted, long-time employee has unexpectedly quit, and your information technology staff discovered that the employee used a thumb drive to download trade secrets, premerger documents, or patient records.
If your company finds itself confronted with such a scenario, there is much to do. Because you have prepared for this day, you activate your crisis response team. Select executives, IT staff and security personnel work alongside in-house lawyers, outside counsel, and HR staff to investigate, seal the breach, and, if news of the breach is public, manage the fallout. If consumer data was stolen, you prepare the appropriate data breach notifications, regulatory reporting, and media strategy. You communicate a single message, through your media relations staff, that minimizes the impact on the company’s reputation, stock price, and relationships with key business partners. If trade secrets were stolen but the news is not yet public, you assess the extent of the damage and then monitor your competitors.
Amid all this activity, it’s easy to forget that your company has been the victim of a crime. After all, someone broke into your computer systems, stole the company’s crown jewels, and likely did it for profit. The following checklist identifies considerations to keep in mind when deciding if, when, and how to approach law enforcement for help in catching the bad guys.
Are you required to notify law enforcement?
There is no single federal law establishing a uniform notification standard. But your company may be required to notify government officials depending on the nature of your business or the nature and size of the breach.
For example, defense contractors must generally report the loss or theft of classified or export-controlled materials to the federal government. Healthcare providers must also report the loss of patient medical records to the appropriate federal and state authorities. In such specialized instances, the government will almost always commence a criminal investigation to identify and pursue the perpetrators.
Meanwhile, nearly all 50 states have enacted consumer-notification statutes for loss of consumer data affecting their residents. Some states, such as New Jersey and New York, require notifying the state attorney general or other state law enforcement agencies about a breach. Of course, such notification may result in criminal investigators seeking evidence from your company.
It is therefore critical for you to understand the regulatory environment in which your company operates and the states in which your company has customers. After a breach, investigate immediately to determine the nature and size of the incident, as well as the location of potentially affected individuals and entities, and then assess with counsel the applicability of any notification provisions.
Chief Executive Group exists to improve the performance of U.S. CEOs, senior executives and public-company directors, helping you grow your companies, build your communities and strengthen society. Learn more at chiefexecutivegroup.com.
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1:00 - 5:00 pm
Over 70% of Executives Surveyed Agree: Many Strategic Planning Efforts Lack Systematic Approach Tips for Enhancing Your Strategic Planning Process
Executives expressed frustration with their current strategic planning process. Issues include:
Steve Rutan and Denise Harrison have put together an afternoon workshop that will provide the tools you need to address these concerns. They have worked with hundreds of executives to develop a systematic approach that will enable your team to make better decisions during strategic planning. Steve and Denise will walk you through exercises for prioritizing your lists and steps that will reset and reinvigorate your process. This will be a hands-on workshop that will enable you to think about your business as you use the tools that are being presented. If you are ready for a Strategic Planning tune-up, select this workshop in your registration form. The additional fee of $695 will be added to your total.
2:00 - 5:00 pm
Female leaders face the same issues all leaders do, but they often face additional challenges too. In this peer session, we will facilitate a discussion of best practices and how to overcome common barriers to help women leaders be more effective within and outside their organizations.
Limited space available.
10:30 - 5:00 pm
General’s Retreat at Hermitage Golf Course
Sponsored by UBS
General’s Retreat, built in 1986 with architect Gary Roger Baird, has been voted the “Best Golf Course in Nashville” and is a “must play” when visiting the Nashville, Tennessee area. With the beautiful setting along the Cumberland River, golfers of all capabilities will thoroughly enjoy the golf, scenery and hospitality.
The golf outing fee includes transportation to and from the hotel, greens/cart fees, use of practice facilities, and boxed lunch. The bus will leave the hotel at 10:30 am for a noon shotgun start and return to the hotel after the cocktail reception following the completion of the round.
