At our Doing Business Globally program in Chicago today, a panel of Baker McKenzie attorneys and senior in-house counsel explored how growing amounts of data lead to more risks for businesses, as well as increased regulation and enforcement.
The panel included Baker McKenzie partners Brian Hengesbaugh, Teresa Michaud and David Callaway.
Here are some key takeaways from the discussion:
- The security threat landscape is constantly shifting and changing, and new versions of malware continue to appear.
- The global regulatory landscape is expanding and evolving, impacting businesses across industry sectors and in key jurisdictions around the world. The EU’s General Data Protection Regulation (GDPR) is one example.
- Consequences of a privacy incident can include government investigations, consumer and employee class actions, shareholder derivative claims, adverse media attention and reputational harm.
- Every global enterprise should evaluate its global privacy and cybersecurity risks from an advisory, transactional, and crisis management/disputes perspective.