It is imperative that General Counsel learn IT technology and lingo- and that IT legal jargon given a recent survey identified that in almost 450 companies 31% rely on IT and 21% rely on General Counsel to be primarily responsible for assuring legal compliance when cyber intrusion occurs. Zurich sponsored Advisen’s recent white paper entitled “The Fifth Annual Survey on the Current State of and Trends in Information Security and Cyber Liability Risk Management” which “features the response of nearly 450 risk managers, insurance buyers, and other risk professionals, has further clarified the information security and cyber risk management picture” including:
Trends and attitudes continue to take shape and marketplace reactions to emerging issues continue to present themselves.
Increased cyber risk focus from boards and senior executives is translating into strategic cyber prevention and response initiatives in more organizations.
Exposures such as a data breach of customer records and reputational damage resulting from a data breach are high on the list of concerns.
Cyber intrusions help identify how important it is for all lawyers to know more about IT and IT learn more about law!