Consumer class action lawsuits are not a company’s worst nightmare, when they experience a massive data breach. Nope. It’s the lawsuits that Walmart, Home Depot and Wendy’s are filing for data breaches that can result in more massive losses for the breached company.
Headlines about the latest data breach continue to surface on the news about as frequently as we hear about Trump’s campaign travails. Interestingly, when Walmart,Home Depot or Wendy’s sues Visa and MasterCard for their data breach issues, those lawsuits don’t make the front pages. Did you know that banks got together and filed a class action lawsuit against Target for the much publicized data breach? The consumer class action lawsuits against the health insurance behemoths like Anthem and Premera have garnered a lot of attention. In the meanwhile, some of the Goliaths are suing the other Goliaths for their class action was certified late last year.
A takeaway from all of these class action is that the victims and plaintiffs in data breach lawsuits are not only everyday consumers, they are also retail giants, banks, employees, etc. When an organization fails to exercise due care in safeguarding personal information, it had better get ready to face the wrath of someone…