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T
hree factors have coalesced to
create a cybersecurity imperative
for law firm IT departments
and compliance and legal departments at
corporations. The "2018 End-of-Year Data
Breach Report" from the Identity Theft
Resource Center states that although the
number of data breaches in 2018 was down
from 2017, there was an increase of 126
percent in the number of PII (personally
identifiable information) lost records. When
personally identifiable information is lost,
law firms and corporations face financial
penalties and fines, loss of good-will, business
degradation and loss of compliance.
Firstly, according to Information Age,
2018 saw cybercrime generate a whopping
$1.5 trillion in profits providing ever-
increasing incentives for cybercriminals to
accelerate criminal activities.
Secondly, in response to these widely
publicized data breaches, governments around
the globe and many states in the U.S. have
enacted significant and complex legislation to
address the issue. This legislation puts extreme
pressure on law firms and corporations to
achieve compliance or face significant punitive
damages. The EU General Data Protection
Regulation (GDPR) went into effect On May
25, 2018, causing significant operations
changes for businesses as it relates to PII. The
California Consumer Privacy Act (CCPA) was
signed on June 28, 2018, which details very
powerful consumer data privacy protections
which are to be in place in 2020. In addition,
the regulatory landscape is onerous and
constantly changing, requiring firms and
corporations to act now.
Thirdly, those affected by cybercrime
and the regulatory environment struggle
with legacy systems, outdated business and
cybersecurity processes. These systems and
processes must be made resilient to both
support internal and external threats as well
as comply with the ever-changing regulatory
environment, all while not losing pace with
business demands for IT, applications and
new capabilities.
Creating
Sustainable Cyber
Safe Systems to
Withstand Digital
Threats and
Legislative Chaos
B Y J O N AT H A N R E E D
