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Over the past couple of years, we have seen organizations make a fundamental shift towards storing and managing their records in the cloud. As the internet continues to become the primary platform for conducting business, with collaborative tools and instant accessibility, the cloud makes increasingly more sense as the default location for data and records. And, with its low cost of ownership, effortless implementation, and ability to integrate with multiple repositories, many industry observers affirm that cloud-based records management is quickly becoming the new standard. Though fears persist, it is clear that on-premises solutions do not offer the security, coverage, or collaboration capabilities modern businesses seek to achieve.
As we have discussed in a previous blog post about Sony, the consequences of a data breach reach beyond the initial loss of data. The latest company to experience this is Arby's.
Cybersecurity is a concern for every organization, and that concern only continues to grow. In 2016, 4.2 billion records were stolen in a reported 4,149 reported data breaches. Keep in mind, this is just the reported breaches.
When it comes to cybersecurity and regulatory compliance, several factors come into play. First and foremost, the human element is important to consider. Basic best practices such as strong and continually changing passwords and ensuring the security of your wireless networks are essential. Also, creating an overall regulatory compliance plan that is understood by all parties.
A recent article from Lexology points out that many organizations think of cyber security as simply an IT problem. However, it has become clear that the risks involved with data security can effect every business unit. Unfortunately, general counsel is usually involved after a breach in a reactive fashion. The proactive approach that allows general counsel to be a part of the planning and prevention of a cyber security breach will save untold amounts of work and costs.