Senior decision-makers come together to connect around strategies and business trends affecting utilities.

Richard Brooks's picture
Co-Founder and Lead Software Engineer, Reliable Energy Analytics LLC

Dick Brooks is the inventor of patent 11,374,961: METHODS FOR VERIFICATION OF SOFTWARE OBJECT AUTHENTICITY AND INTEGRITY and the Software Assurance Guardian™ (SAG ™) Point Man™ (SAG-PM™) software...

  • Member since 2018
  • 1,573 items added with 688,996 views
  • Jan 26, 2023

[UPDATE Feb 3, 2023] Will Class Action Lawsuits Force Companies to Get Serious About Cybersecurity;

"As if the production delays and reputational damage from such attacks aren’t bad enough, now executives must also consider the risk of winding up in court. A recent survey of in-house litigation leaders from global corporations found that cybersecurity and data protection issues will be top drivers of new disputes over the next few years.

Along with the climbing number of class action lawsuits is the soaring price tag of settlements. In 2020, one of the most high-profile and expensive cases—a cyberattack at credit-ratings company Equifax—resulted in a class action lawsuit that awarded a $700 million settlement, $425 million of which was earmarked to compensate consumers."

The article linked below (Read More) contains more details.

Shareholders are not going to sit back and watch their investments crumble when a cyber-incident results in financial losses due to negligence of the C-Suite Execs and BoD members. This is why it is imperative that Directors with fiduciary duties demand to see evidence that cybersecurity controls are in place and being implemented on an on-going basis and that "Tamper-proof evidence" is preserved and can be presented during a lawsuit. A Tamper-proof evidence locker is one of the key functions of the Software Assurance Guardian Community Trust Registry™ (SAG-CTR™). Tamper-proof evidence of software supply chain risk assessments is stored in the secure SAG-CTR™ Evidence Locker, which can be presented in a court case to aid the defense in any lawsuits brought by shareholders or others seeking to hold executives and BoD members personally liable for losses caused by a cyber-incident.


No discussions yet. Start a discussion below.

Richard Brooks's picture
Thank Richard for the Post!
Energy Central contributors share their experience and insights for the benefit of other Members (like you). Please show them your appreciation by leaving a comment, 'liking' this post, or following this Member.
More posts from this member

Get Published - Build a Following

The Energy Central Power Industry Network® is based on one core idea - power industry professionals helping each other and advancing the industry by sharing and learning from each other.

If you have an experience or insight to share or have learned something from a conference or seminar, your peers and colleagues on Energy Central want to hear about it. It's also easy to share a link to an article you've liked or an industry resource that you think would be helpful.

                 Learn more about posting on Energy Central »