On April 3, 2019, Susan Wortzman hosted a panel discussion on data and privacy risk management and cybersecurity. The panel included experts from the public and private sector. Members of cybersecurity incident response teams, the Office of the Information and Privacy Commissioner of Ontario, and information governance experts talked about how organizations can successfully manage the data and privacy issues confronting their businesses.
Kevin Lo from Froese Forensic shared interesting statistics: 42% of small to medium sized businesses fell victim to ransomware in the last 12 months; 35% of them paid the ransom, and 1 in 5 of them were not able to recover their data; even after the demands of the cyber criminals were met.
A common theme among the panel was the importance of hiring experienced counsel as soon as a cybersecurity incident occurs to mitigate the legal risk. The panel also emphasized that “regardless of the type of cyber attack, planning and practicing are the top preventative measures organizations can take”.
Organizations know that protecting its data is a top priority; however, walls can and will be breached. When this occurs, having an information governance and cybersecurity response plan in place will minimize the damage and help address the demand from the public for disclosure and remediation. It may even keep you out of the headlines.