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Companies Should be Cautious When Facing Cybersecurity Threats
Companies Should be Cautious When Facing Cybersecurity Threats
Since the start of year 2023, there have already been several high profile personal data security breaches in various industries, including the transportation and retail industries. Companies should recognize that cybersecurity threats are imminent and the consequences of data breach are sever. In addition to being sued by the affected data subjects, various administrative penalties may be imposed. For example, the Directorate General of Highways fined iRent for its violation of the Personal Data Protection Act, and the Taiwan Stock Exchange also fined iRent's parent companies Hotai Motor and Hotai Finance for their failure to effectively supervise iRent. The aforesaid fines could be considerable as they could be imposed consecutively until the violation is rectified. Furthermore, the government has made an announcement that it will increase the penalties for personal data breaches. Therefore, it could be expected that companies would face significantly heavier costs for any personal data breach in the future.
To be well-prepared, companies should ensure that they have the ability to deal with cybersecurity incidents, and should thoroughly examine their personal data and cybersecurity protection plan, including risk assessments and procedures for responding to any personal data breach. Lee and Li's Digital, TMT and Data Privacy practice group consists of lawyers who are experienced in providing legal services in the above fields and handling cybersecurity incidents. Should you require our services, please do not hesitate to contact our team.