Admittedly, corporate law is not the most exciting topic in the books. The Internet era has forced a lot of new questions. How will it change copyright? Is freedom of speech still the end-all argument? What do small businesses need to do with their security and what should they feel obligated to do? Major security hacks have forced new questions about data security, and muddy copyright laws are made even muddier by the onset of the Internet era. Corporate law has always been intriguing in some way. Now, it is becoming extremely important to business success in this day and age, when everything seems available just a click away.
7-Eleven was forced to admit about $25 million in losses after millions of credit card numbers were hacked and stolen out of their systems. This was only one of many high-profile hacks. J.C. Penny reported another, and they lost about $55 million handling the leak. The simple answer seems to be that companies should not hold credit and debit information in their systems. That is only part of the problem. Three Eli Lilly employees still managed to sell millions in trade secrets to an undisclosed Chinese agency in 2014. That did not directly affect the consumers in the same way a credit card leak may, but it certainly almost forced the corporation out of business.
The Internet is forcing companies to think in new and innovative ways about corporate law. Protecting your rights in Pennsylvania is just one part of the big formula. Lawyers are staying on top of how the Internet is developing and changing corporate business, and what it means for smaller firms. Businesses need to begin taking a serious look at how they are going to respond, on a legal level, to a data breach. Is it enough to simply funnel finances to fix the problem? Where is the line of confrontation, and how should that be followed? Corporations should be concerned because, these days, a major attack could dismantle an entire operation.
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