Forty-Seven Percent of General Counsel Say Companies Are Unprepared for Cyber Attacks, Consero Survey Reveals

More Than Half of Companies Surveyed Are Insufficiently Familiar with Foreign Regulations

BETHESDA, Md- (Jan. 17, 2015) – As high-profile cyber attacks make international headlines, nearly half (47%) of surveyed General Counsel reported that their companies are not adequately prepared to defend against cyber attacks, according to a new survey by Consero Group, an international leader in creating high-level, invitation-only events for senior executives.  The results were reported as part of the January 2015 General Counsel Data Survey, compiled by Consero Group in partnership with CDS Legal and CPA Global.

In addition, more than half (56%) of General Counsel reported their legal departments are not sufficiently familiar with foreign regulations that impact the business. Furthermore, when asked to identify their top areas of focus for the months ahead, the top area was compliance/regulatory (34%), followed by data privacy/security (25%).

“Today’s General Counsel face more challenges than ever. And according to our survey, cyber security and foreign regulations are two that will be key areas of focus in 2015,” said Paul Mandell, Founder & CEO of Consero. “By leveraging internal resources and furthering relationships with outside law firms and other providers, General Counsel will be well positioned to succeed in these and other challenges.”

Additional Findings Included:

  • Budgets and Staff Sizes Increasing: A slight majority (59%) of surveyed GCs said their departmental budgets had increased over the last 12 months, while a higher majority (70%) reported an increase in staff size in 2014.
  • Nearly Half Do Not Have Sufficient Resources: Despite the budget and staff size increases in 2014, nearly half (45%) said they still do not have sufficient resources to manage their departments effectively.
  • Vast Majority Report Positive Relationships with Outside Counsel: A total of 90 percent of surveyed GCs described their relationships with outside counsel as “positive” or “very positive.”

The January 2015 General Counsel Data Survey was conducted in conjunction with invitation-only events hosted by Consero Group in the fall of 2014 for General Counsel from Fortune 1000 companies. A total of 49 responses were recorded.

About Consero

Founded in 2010, Consero Group is an international leader in creating industry-specific events for senior-level executives in the following areas: Legal, Compliance, Shared Services, Customer Experience, Finance, IT, HR, and Procurement, among others. With operations in the U.S. and in Europe, Consero is best known for transforming the executive experience through intimate, invitation-only programs in a sophisticated learning environment with high-level content. For more information on Consero, please visit www.consero.com.

About CPA Global

With offices across Europe, the United States and Asia Pacific, CPA Global supports many of the world’s best known corporations and law firms with a range of IP and broader legal services, helping them to manage risk, cost and capacity, and realize greater value for their businesses. CPA Global is a market leader in the outsourced legal services sector, providing high quality and cost-efficient legal support services such as transaction support, document review, contract management, anti-bribery and compliance, and legal research through global delivery centers in Europe, the US and India. Founded in Jersey, Channel Islands in 1969, CPA Global today employs some 2,000 people, serving clients’ needs in 200 jurisdictions through its own offices and an extensive agent network. For further information, please visit: www.cpaglobal.com.

About CDS Legal

CDS Legal is a leading full-service eDiscovery firm ranked No. 1 in 2014 by the U.S. National Law Journal for end-to-end eDiscovery and managed eDiscovery and litigation support. CDS’ people, technology, and culture of excellence are focused on significantly reducing our clients’ litigation costs while improving transparency, reducing risk, and increasing client satisfaction. The company offers corporations and law firms cost-effective alternatives, while achieving defensible, fast and effective service. CDS Legal is headquartered in New York, and works with the largest law firms in New York, Chicago, and Washington, D.C., as well as many litigation-intensive corporations.