Both law departments and C-suites have realized the grave importance of cybersecurity measures to protect a company’s intellectual property and bottom line. Now, it seems the White House is getting on board with the idea as well.

President Obama met a group of CEOs at the White House today, with the goal of increasing national cybersecurity around the nation’s infrastructure. The meeting, which included CEOs from the information technology, financial services and energy sectors, ended with a pledge for the government and the business worlds to move together moving forward.

A readout by the White House said, “The conversation highlighted the importance of the voluntary Cybersecurity Framework that is being created by the Department of Commerce’s National Institute of Standards and Technology in partnership with a range of public and private stakeholders.”

The CEOs collaborated with the Obama Administration on the framework, and according to the readout, much of the conversation between the two sides centered on how to encourage the framework’s adoption in the public realm. Both sides “discussed the need for framework adoption by both critical infrastructure and by their suppliers — and the difficulties involved in helping small and medium sized business to adopt best practices.”

The White House says this framework is part of an executive order from the Obama Administration, issued as part of the President’s pledge to improve cybersecurity during the 2013 State of the Union Address. After this meeting, the framework has been released for a 45 day comment period on the Federal Register.

A business-centric emphasis on cybersecurity isn’t surprising giving the rising costs of fighting cybercrime over the past couple of years. A recent study conducted by the Ponemon Institute and sponsored by HP shows that cybercrime rose 6 percent in the past year alone, or $500,000 more on average from the 56 organizations surveyed. Of those organizations, the average cost of fighting cybercrime sat a $8.9 million per year.


To learn more about cybersecurity and how it affects your law department, check out these InsideCounsel articles:

Communicating investor information via social media presents new challenges for companies

NIST releases proposed cybersecurity framework

The legal counselors’ role in cybersecurity response

Avoiding the worst case scenario: Balancing cost and data security

Cybersecurity: what should your legal department be prepared for?