Sixty Percent of General Counsel Believe Their Company Isn’t Adequately Prepared to Defend Against Data Breach, Consero Survey Reveals

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Sixty Percent of General Counsel Believe Their Company Isn’t Adequately Prepared to Defend Against Data Breach, Consero Survey Reveals

BETHESDA, MD- (August 5, 2015) – Despite high-profile data hacking scandals like those experienced by JP Morgan and Sony, 60 percent of General Counsel say their companies still lack the proper preparation for a possible data breach, 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 June 2015 General Counsel Data Survey, compiled by Consero Group.

Data privacy/security was listed as a top priority among 21 percent of General Counsel, behind compliance and ethics at 27 percent. When GCs were asked about their top area of risk in the coming months, data privacy/security came in third behind regulatory compliance and operation risk. A significant majority of executives (70 percent), however, reported that their companies had not experienced a cyber security breach in the last 12 months.

“The General Counsel who participated in our survey have identified compliance and ethics and data privacy/security as the top issues they are facing. These findings are consistent with the fact that many companies appear to lack a viable data breach protection policy,” said Paul Mandell, Founder & 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.”

Additional Findings Included:

  • Majority Lack Sufficient Resources: Fifty percent of General Counsel reported that they do not have access to sufficient resources to manage their departments effectively.
  • Executives Split on Value of Outside Counsel: Just over 50 percent of executives believe their outside counsel provide sufficient value relative to their spend.
  • Fifty-Five Percent Use Alternative-Fee Arrangements: A majority of legal executives reported using alternative-fee arrangements for their outside counsel work.

Consero’s General Counsel Data Survey was developed in connection with Consero’s invitation-only June 2015 General Counsel Forum for General Counsel from Fortune 1000 companies. A total of 49 executives were surveyed.

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.