84% of CLOs are present in their firm’s cybersecurity strategy 

The Association of Corporate Counsel (ACC) Foundation, in collaboration with Ernst & Young, has presented the “2022 State of Cybersecurity Report, an in-house perspective”. The report shows that 84% of companies now give the chief legal officer (CLO) a key role in the organization’s cybersecurity strategy. 

The report also covers a broad range of cybersecurity activities: legal department’s role, policies and practices, risk management, and breach and incident response. It shows that 22% of companies now have a dedicated cybersecurity lawyer, 20% more companies now require annual cybersecurity training for all employees compared to 2020, 31% of legal departments say they are regularly involved in their company’s third-party risk management (TPRM) and 38% of legal departments say they are spending more as a result of their approach to cyber, compared to a year ago.    

Also, damage to reputation, liability to data subjects, and business continuity are the top 3 areas of concern resulting from a data breach. 

The data included in this report represents 265 companies across 17 industries and 24 countries, providing a comprehensive understanding of how legal departments of different sizes engage in cybersecurity matters. 

84% of CLOs are present in their firm’s cybersecurity strategy 

Irina Wakstein

Iberian Lawyer, is a monthly digital magazine, published by LC Publishing, available in Spanish and English. It represents the main source of information in the legal business sector in Spain and Portugal. The digital magazine – and its portal – address to the protagonists of law firms and in-house lawyers. The magazine is available for free on the website and on Google Play and App Store.

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