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Data breaches are the biggest data-related threat chief legal officers (CLOs) want to mitigate in 2024, according to the newly released 2024 ACC Chief Legal Officers Survey.
One-third (34 percent) of CLOs say that data breaches are the biggest data-related threat to mitigate in 2024, followed by privacy/regulatory enforcement (32 percent), and other cybersecurity threats (24 percent). And two-fifths (40 percent) reported that they plan on instituting new processes to help defend against these threats.
Yet, despite years of focus and spending on data-related threats, just 9 percent of respondents are “very confident” in their organization’s ability to mitigate emerging data risks — the lowest level of the last five years.
One-third (33 percent) of CLOs say that changing regulations and a lack of clear understanding of obligations are the biggest obstacles preventing their organization from effectively responding to litigation, privacy, and compliance requirements, the survey also found.
Nearly a quarter (24 percent) say they do not have the necessary staffing resources to respond to those challenges effectively. One-fifth (20 percent) of CLOs say that the lack of strong processes is what is preventing the organization from responding successfully, while 12 percent of participants put the focus on the lack of budget to get the work done.
CLOs at companies with revenue of US$1 billion or greater were more likely to cite current technology not meeting their needs, as compared to insufficient budget. And non-US CLOs were more likely to point to understaffing than their US counterparts.
For more details on how CLOs are responding to the growing threat of data risks, litigation, and compliance issues, download the 2024 ACC Chief Legal Officers Survey. Join ACC for access to these insights and more!
