Peer to Peer Magazine

Summer 2019: Part 2

The quarterly publication of the International Legal Technology Association

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Page 36 of 63

38 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 Thirdly, those affected by cybercrime and the regulatory environment struggle with legacy systems, outdated business and cybersecurity processes.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

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