Originally posted on Berkeley Technology Law Journal Blog, on March 22, 2017
In an economy where data is an emerging global currency, software vulnerabilities and security breaches are naturally a major area of concern. As society produces more lines of code, and everything – from cars to sex toys is becoming connected: vulnerabilities are produced daily. Data breaches’ costs are estimated at an average of $4 million for an individual breach, and $3 trillion in total cost. While some reports suggest lower figures, there is no debate that such vulnerabilities could result in astronomically losses if left unattended. And as we recently learned from the Cloudflare breach, data breaches are becoming more prominent and less predictable, and even security companies get hacked.