Data breach and privacy incidents occur daily at organizations of all sizes. It happens all too frequently. And while it is obvious that breaches continue impacting hundreds of thousands of lives, legal and compliance teams are not always brought in to manage each breach. With increased focus from regulators and law enforcement agencies to ensure organizations fulfill their obligations for post-breach notifications, legal teams can help quickly coordinate internal processes, and take swift action to begin the process of remediating damage and initiate immediate legal steps to protect the enterprise, and comply fully with all regulatory obligations. Here, we talk to AJ Samuel, co-Founder and Chief Product Officer at Exterro, about the many benefits of retaining legal counsel, who can better protect the integrity and confidentiality of the incident response.

Rather than be caught off-guard and left to play catch-up, security and IT professionals should begin planning now for the many new and updated regulations, standards and proposed pieces of legislation that will be sweeping over the financial services industry and other sectors in the near future.

The concept of regulatory compliance is simple: compliance maintains the safety and welfare of the general public.

More organizations are realizing that additional risk management sophistication is warranted given the fast pace in which complex risks are emerging, according to a new survey. 

American Bank Systems (ABS) and Bankers Online recently conducted a nationwide survey of community banks on compliance and risk management. The survey revealed that only ten percent of the respondents indicated that their bank uses technology to manage and monitor regulatory compliance performance and risk assessment.