Managing Partner: GCs to focus on compliance, ethics and data security

Originally Published in Managing Partner | August 10, 2015

Only two-fifths are ready to defend against data breaches, survey finds.

Regulatory compliance, ethics and data security are top areas of focus for general counsel in the coming year.

That’s according to a snapshot survey by Consero, which received 49 responses from general counsel at Fortune 1000 companies.

It found that, while 70 percent of respondents had not experienced a cyber security breach in the past 12 months, only 40 percent felt their companies were ready to defend against a data breach.

“Many companies appear to lack a viable data breach protection policy,” said Paul Mandell, Founder and CEO of Consero.

“In the coming months, legal executives ought to focus on more effective strategies to addressing the perceived obstacles to readiness for potential data breaches.”

Twenty-seven per cent of general counsel said that compliance and ethics is their top priority in the coming year.

This is followed by data privacy/security (21 per cent), litigation (19 per cent) and mergers and acquisitions (17 per cent).

When asked about their top area of risk in the coming months, 32 per cent said that regulatory compliance is the biggest concern for them.

A further 25 per cent said that operational risk is their biggest concern, while 20 per cent said that data privacy/security is their top area of risk.