According to a recent ACC survey, 70% of CLOs rate data breaches and the protection of corporate data as an extremely or very important issue to address in the next 12 months. They also found that 27% had experienced a data breach at their organisations within the past two years, up from 23% from the previous year’s survey.
As the likelihood of experiencing a data breaches increases, so do the likely effects on legal department budgets and workloads, compelling Legal to be more involved in planning for cybersecurity incidents and responding to breaches.
However, the perceived importance does not always translate into time spent; CLOs and GCs still struggle to manage data privacy and security concerns before they become a crisis.
Developing a plan for effective Data Breach Management
To overcome the challenge, Legal can develop a proactive data breach management plan.
Knowing why data breaches occur and putting prevention measures in place can help you reduce the risk of them happening in the first place. However, if a breach does occur, it is important that your organisation has a plan to manage the consequences of a breach. Effective data breach management can help you minimise the impact and prevent a reoccurrence.
Key elements of any data breach management plan include:
- Identification & Classification
- Containment & recovery
- Assessing the risks
- Notification of breach
- Evaluation & response
For more details about how to adopt a structured approach to data breach management using technology, get our latest whitepaper, “Best Practices for Preventing a Data Breach & Avoiding Liability”. In addition to providing more detail about the key elements of a data breach management plan, we explore the most prevalent types of data security incidents that result in data breaches to help you identify where you are vulnerable, take mitigation measures and prevent liability.