According to a recent ACC survey, 70% of CLOs rate protection of corporate data and managing data breaches as an extremely or very important issue to address over the next 12 months. What’s more, 27% had experienced a data breach at their organisations within the past two years, up from 23% in the previous year’s survey. Of course, with an increased likelihood of data breaches comes an increased workload and need for budgets and resources, which is not always easy to obtain. It’s no wonder nearly 50% of general counsel say planning for cybersecurity incidents and responding to breaches is now a part of their job.
As Legal Counsel, you are a key player in your company’s data protection processes. Whether you work alone or in collaboration with Compliance and Data Protection Officers, it is imperative you manage your company’s legal information to minimise legal risk created by cyber attacks and data breaches. Data breaches not only affect your company’s bottom line, but if regulators and shareholders find that you breached various fiduciary duties by not mitigating known data security risks, you may also be at risk of personal liability. Therefore, GCs need a clear understanding of what makes them vulnerable so they can mitigate their risks and avoid liability.
Data security is a growing focus for companies and it is no longer just an IT issue. According to a Legal Week Intelligence report, nearly 50% of General Counsel say planning for cyber-security incidents and responding to breaches is now part of their job – a figure that is likely to go up as the role of the GC expands as risk manager and advisory to the board. In a previous post we covered how GCs are increasingly viewed as leaders in the C-suite – and with that comes added pressure to take on a more proactive leadership role.
Are you searching for a tool to track and manage personal data processes within your organization? With GDPR organizations need to have systems and processes in place that keep data safe and help you mitigate the risks of a data breach. Obligations for both data controllers and processors have increased, resulting in an increased risk for companies where they will have to deal with a growing amount of claims from data subjects but also have to revise their liability policies. Luckily, technology can help you stay on top of your data processes and breaches to avoid sanctions. The nature and amount of data processing makes manually monitoring personal data impossible.