The Association of Corporate Counsel Foundation (ACC) released a State of Cybersecurity report underwritten by Ballard Spahr on December 9, 2015. The report provides valuable insights on cybersecurity issues from more than 1,000 corporate lawyers at 887 organizations worldwide—most of whom hold the position of General Counsel (GC) or Chief Legal Officer (CLO).
The report can be used by in-house lawyers to assess whether their companies are devoting appropriate time and resources to cybersecurity. If a company’s cybersecurity practices do not align with companies of a similar size in the same industry, it could be deemed unreasonable by the Federal Trade Commission and other federal regulators.
The State of Cybersecurity Report shows that:
ACC President and CEO Veta Richardson noted that, “Even companies with established cybersecurity preparedness programs continue to increase their spending in order to minimize ever-present risk.” Richardson further remarked that, “Unfortunately, no sector or region is immune. Our findings indicate that general counsel expect cybersecurity risk to only increase in the upcoming year.”
For more information on the ACC Foundation State of Cybersecurity 2015 Report, including details on how to purchase a copy or order a customized benchmarking report, click here .
On January 12, 2016, Ballard Spahr will hold a webinar, “Lessons Learned: Best Practices for In-House Counsel from the ACC Cybersecurity Report,” from 12:00 p.m.-1:00 p.m. ET. The webinar will feature an in-depth discussion of the ACC survey results. We will summarize the lessons learned and provide practical takeaways that in-house attorneys can begin implementing right away to enhance their overall level of cybersecurity preparedness. To register for this event, please follow this link.
Ballard Spahr’s Privacy and Data Security Group is comprised of experienced attorneys with experience in conducting cybersecurity risk assessments, drafting information security plans, and representing companies in responding to information breaches and related litigation. For more information, contact Privacy and Data Security Group Practice Leader Philip N. Yannella, Kim Phan, the authors of this alert, or the Ballard Spahr attorney with whom you work.
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