Host Jeremy C. Park interviews Thomas Ritter, attorney and co-founder of the law firm, Ritter Gallagher, who discusses his background and the firm’s specialization in technology, privacy, cyber, and AI law. He explains that he recognized the growing importance of data as a commodity early in his career and built expertise in this area before co-founding the firm with a former colleague three years ago. The Nashville-based firm focuses exclusively on technology law and does not function as a general practice firm.
Thomas explains that his firm’s main areas of expertise include proactive cybersecurity services to help organizations prepare for potential incidents, privacy policy work including terms and conditions, and AI implementation guidance with proper safeguards. He notes the significant evolution in privacy laws, mentioning that over 20 states now have their own comprehensive privacy regulations including Tennessee.
Thomas explains that audit processes start by assessing a business’s industry, regulation requirements, and data handling practices to determine their overall risk profile and compliance needs. He talks about the importance of understanding how businesses want to use and monetize data while ensuring legal compliance.
Thomas discusses the current state of cyber insurance, noting that the market is experiencing a soft period following the frenetic activity from 2020 to 2022 when carriers over-insured due to increased ransomware incidents. He highlights the continued undersaturation of cyber insurance in the small and mid-sized business market and expresses concern about emerging risks, particularly those related to AI technology and potential new types of cybersecurity incidents. Thomas suggests that underwriters will need to consider these AI-related use cases in the coming 12 to 18 months.
Thomas advises working with a qualified agent or broker who understands the business to tailor cyber insurance policies effectively, particularly focusing on business interruption clauses. He discusses the evolving nature of ransomware attacks, noting that threat actors have become sophisticated criminal enterprises using multiple extortion methods including data exfiltration and public harassment. Thomas emphasizes that proactive preparation is crucial for businesses to withstand cyber incidents and recommends working with subject matter experts to allocate risk appropriately.
Thomas discusses the rapid adoption of AI technology in the private sector, emphasizing the need for security and privacy considerations. He highlights the importance of implementing “privacy by design” and “security by design” principles as AI becomes more accessible to non-developers. Thomas provides contact information through the Ritter Gallagher website and mentions his speaking engagements in Nashville, Memphis, across Tennessee and the Southeast for those interested in connecting about privacy and cybersecurity needs.
Visit https://www.rittergallagher.com to learn more and connect with Thomas Ritter and Ritter Gallagher.
