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Background check company Jerico Pictures faces potential lawsuits following a massive data breach that reportedly compromised the personal information of nearly three billion individuals. Bloomberg Law privacy reporter Cassandre Coyer joins Wealth! to discuss the possible fallout and implications of this breach.

Coyer explains that the cyber group responsible for the hack claims to possess information on billions of individuals and is threatening to post it online or sell it for upwards of $1 million. She notes that in such incidents, accessed data often includes credit card information, names, addresses, and biometric data.

"Companies do have requirements for when they need to report these breaches to federal agencies," Coyer explains. However, she adds that despite the scale of this breach, "it really depends on when the company takes those steps to provide information to those individuals who are affected."

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This post was written by Angel Smith