As rapid digitization continues, organizations are aware that a more nuanced approach to cybersecurity and data privacy is required. However, it often takes a shock to the system to spur the necessary optimization of the policies, processes, and practices that constitutes an efficient information governance and security strategy. Remember Target, Sony, and JP Morgan? It’s not as if the retail, entertainment, and banking industries weren’t aware of the threats. They just weren’t aware of their specific vulnerabilities.
Law firms serving corporate clients just received their brutal wake-up call, thanks to the Panama Papers, a data breach of unprecedented size and sensitivity. Legal services and firms acting as outside counsel have already experienced a rapid increase in compliance requirements and audits dictated by clients and regulations covering third parties.
