As we move our way through 2017, information governance has thankfully gained more and more traction. This increased awareness and understanding must move into actual initiatives, as the volume of data continues to rise and information regulations around the world increase.
A recent article from Lexology points out that many organizations think of cyber security as simply an IT problem. However, it has become clear that the risks involved with data security can effect every business unit. Unfortunately, general counsel is usually involved after a breach in a reactive fashion. The proactive approach that allows general counsel to be a part of the planning and prevention of a cyber security breach will save untold amounts of work and costs.
Cyber intrusions or hacks are generally seen as the domain of the IT department, however it is critical that the general counsel be involved in the creation and execution of the data governance risk and compliance strategy. In fact in a recent survey of 450 companies, 31% of respondents stated they rely on IT, while 21% said they rely on general counsel to be primarily responsible for compliance after a data breach.
A few months ago at the Association of Corporate Counsel's midyear meeting, the consensus was that no data is safe from hackers. If that is the case (and it truly looks like it is), how can general counsel compliance procedures help lessen the blow?
Recently, Kroll surveyed over 170 corporate in-house counsel regarding risk and compliance issues their organizations are facing. The topics ranged from compliance, big data, and fraud to cybersecurity. Below are some of the interesting highlights.