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Over half of in-house lawyers concerned about 3rd party cyber risks
Since the onset of coronavirus, more than half of legal and compliance leaders believe that cyber security and data breach is the most-increased third-party risk their organisations face.
Jerome Doraisamy
A new survey of 145 legal and compliance leaders from Gartner has found that 52 per cent of legal and compliance leaders are concerned about third-party cyber security risks in the wake of the global coronavirus pandemic.
“Legal and compliance leaders are concerned about the new risks this highly disruptive environment has created for their organisations.”
Bribery and corruption, privacy, fraud, and ethical conduct were all noted as the most-increased third-party risks (10 per cent of respondents for each) for a significant number of respondents.
“Legal and compliance leaders need to act now to mitigate third-party risk while still enabling their supply chain partners to flex to the current pressures on the system,” said Ms Balasubramanian.
“This will likely mean managing the contractual risks and opportunities of current relationships, mitigating emerging issues, and streamlining due diligence for new third parties. Legal and compliance leaders will also be looking at other ways to reduce the compliance burden on third parties.
“Legal and compliance leaders have had to pivot quickly to support their supply chain and other business partners as part of this rapidly shifting third-party risk landscape.
“The most progressive companies have approached this crisis as an opportunity to clarify and streamline compliance obligations, strengthen current relationships, and focus their risk management efforts on the most critical, urgent risks.”
Jerome Doraisamy
Jerome Doraisamy is the editor of Lawyers Weekly. A former lawyer, he has worked at Momentum Media as a journalist on Lawyers Weekly since February 2018, and has served as editor since March 2022. He is also the host of all five shows under The Lawyers Weekly Podcast Network, and has overseen the brand's audio medium growth from 4,000 downloads per month to over 60,000 downloads per month, making The Lawyers Weekly Show the most popular industry-specific podcast in Australia. Jerome is also the author of The Wellness Doctrines book series, an admitted solicitor in NSW, and a board director of Minds Count.
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