ARLINGTON, Va., July 29,
2024 /PRNewswire/ -- A comprehensive new report,
"Ransomware Attacks: Litigating a Growing Threat," reveals a
dramatic increase in ransomware-related lawsuits, underscoring the
growing legal challenges businesses face in the wake of
cyberattacks. The report, based on extensive analysis of Bloomberg
Law Dockets, provides an in-depth look at the trends and
implications of ransomware litigation in 2023 and 2024.
Bloomberg
Law's new report provides in-depth look at trends and key
implications of ransomware litigation.
The report highlights the high-profile attacks that have made
ransomware the predominant cyber threat to corporations. This surge
has led to a significant rise in lawsuits, with federal complaints
mentioning ransomware increasing sevenfold from 2021 to 2023 and
the first half of 2024 seeing a record number of ransomware
complaints.
Key findings from the report include:
- Most-Litigated: The most-litigated ransomware attack of
2023–2024 is the breach of Progress Software's file-sharing
platform MOVEit, which has resulted in 279 federal lawsuits so
far.
- Four Lawsuit Types: Nearly every case analyzed falls into one
of four categories—Consumer v. Business, Consumer v. Vendor,
Business v. Vendor, and Business v. Hacker. Common Claims:
Negligence is a prevalent cause of action in nearly all
ransomware-related lawsuits, with plaintiffs often citing the
failure of businesses to safeguard data against foreseeable
attacks.
- Healthcare Targets: The healthcare sector has been particularly
hard hit, with significant breaches affecting major companies in
this space.
- Vendor Vulnerabilities: Many lawsuits have been filed against
third-party vendors, highlighting the risks associated with
outsourcing data management.
This report also explores many legal issues that arise from
these cases, including standing, breach of contract, compensatory
damages, unjust enrichment, and service of process.
"This report provides essential information for legal
departments looking to strengthen their cybersecurity measures and
understand the legal ramifications of ransomware attacks," said
Alex Butler, vice president,
analysis & content, Bloomberg
Law. "Bloomberg Law's content
and expert analysis provide key insights into how the legal
landscape is evolving, and how companies can navigate these
challenges."
To download the report, please visit
https://aboutblaw.com/beUi.
About Bloomberg
Law
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SOURCE Bloomberg Law