Last week, we sponsored and attended the Corporate Counsel & Compliance Exchange event in London. An important message that we have taken away from many of the sessions at last week’s event is that the worst thing an organization could possibly do is to create brilliant policies and procedures, but have no way to enforce them or to ensure employees have read and adhered to them. Without the ability to do so, your policies are worthless!
Cyber Risk was a real hot topic at the two-day conference, amongst both the delegates and the panelists. Something we heard a number of times was that organizations may know the risks of cyber-attacks, but the employees within an organization are often left in the dark.
Ensuring that employees understand the value and importance of cyber risk policies and procedures is critical for regulatory compliance. According to statistics by PwC, 50% of the worst security breaches in large organizations are staff-related, proving that the greatest risk to cyber security is the ‘human factor’.
Another topic that was frequently brought up across the two days was the fast approaching EU General Data Protection Regulation (GDPR). As covered in the session on day one ‘At The Eleventh Hour, What Are Others Doing To Prepare for the GDPR’ the European Union’s GDPR is by far the biggest regulatory development in information law in 20 years. Repealing the current data protection framework, the regulation will impose new obligations that all organizations will have to get to grips with before the regulation enters into force on May 25th, 2018. With the threat of staggeringly high fines for those organizations that ignore GDPR rules, large global enterprises are likely to sit up and listen.
All organizations conducting business in the EU must demonstrate that adequate measures have been put in place to comply with GDPR and evidence how they collect and use personal information. Organizations that ignore GDPR rules are at risk of receiving fines from The European Commission of up to $20 million, or 4% of their annual worldwide revenue, whichever is greater. It’s no surprise that this regulation is on everyone’s mind!
Overall the two-day conference was a huge success and has given us as well as attendees a brilliant insight into current issues facing all organizations across Europe.
A very big thank you to the team at Mitratech for sponsoring the Corporate Counsel & Compliance Exchange which took place last week. The event brought together 80+ Group General Counsel with the very best organizations in the Legal vendor community. We view Mitratech as being one of the leading premier providers in the legal space and as expected, the team was very popular amongst our delegates.
Pierre, Barny & Les held a series of one-to-one meetings with delegates that had selected to meet with Mitratech on the strength of their offering in the market. Being able to demonstrate their expertise and knowledge in the industry is one of many things that made them popular on site. It was an absolute pleasure to work with an organization like Mitratech and the team certainly made the most of their time with us at the event. I very much look forward to working with them again.
– Sahir Patel, Legal Portfolio Director, IQPC Exchange
If you didn’t get a chance to speak with us at the conference about our market leading software, and would like to find out how Mitratech could assist your organization to mitigate the risks associated with many of the topics covered at Corporate Counsel & Compliance Exchange – from Cyber Risk to GDPR and anything in-between – then please contact us!