Cyber Security: A Practical Viewpoint

Iain Jacobs, Managing Director, The Contract Centre
Nicolas Grunder, Group Head Legal, Software and IT, ABB

Not a day goes by without a new cybersecurity hack which can threaten the very existence of the company concerned. Cybersecurity has shot up the list of concerns of many CEOs and company boards. The issue is often largely delegated to the IT department. However, cybersecurity is not just a technological issue. For example, Luis A. Aguilar, SEC Commissioner, has stated in a speech on 12 June 2014 that “Boards of directors are already responsible for overseeing the management of all types of risk, including credit risk, liquidity risk, and operational risk — and there can be little doubt that cyber-risk also must be considered as part of board’s overall risk oversight”. Therefore, in-house counsel need to keep pace with legal and regulatory developments as the cybersecurity-related legal landscape is evolving fast. They also need to be in a position to provide practical advice on pro-active steps to mitigate the risks and on how to react in a crisis.