A cyber-attack more than damages the financial stability of an organization. They can wreak havoc on information security and network security and cause a chain of mishaps affecting the organization’s health. Here, legal advisory services from the general counsel or legal consultancy firms play a life-saving role. They first look into regulatory compliance, making sure the business abides by relevant laws and has the right policies and practices in place to safeguard its operations and data.

During a crisis or even before the event, the GC’s position comes to the frontline of an organization. Under their stewardship, detailed processes are commanded to prepare the organization's cyber risk or to nurse them back on track after a breach.

“As a GC, your role is crucial in people’s understanding of data privacy and protection of confidential information or IP/It assets to safeguard the organization’s growth,” revealed Harish Suryavanshi, General Counsel, ColorTokens during a recent talk with CEO Insights India magazine.

How a GC Helps in Cyber Risk Preparedness

Firstly, the GC forms a specialized incident response team, which is given extensive training encompassing the latest plans and tools befitting the event, all of which are part of the preparation phase. The leaders of these teams are then assigned to handle the attack in stages involving communications, outside counsel, vendors, cybersecurity experts, etc. This helps the GC decide which response to employ for the situation. Therefore, the GCs pilot the crisis response plan until the participants become familiar with their duties. This helps prevent any flaws in the plan.

“Although the IT department takes care of the user access policies, controls and data on the cloud, GCs assist them from a regulatory compliance point of view while also contributing to the policy by design, creating a kind of training and awareness for the people within the organization,” said Suryavanshi.

 

Preparing Procedures

Next, on the basis of the possible cybersecurity emergency, the GC will chalk out the necessary procedures or steps. Since crises are unpredictable, GCs prefer fluid procedures, which are said to be much smoother than having to manage a checklist.

Preparing for Offence

Now, for the offense part, the GCs decide on the best course of action during a crisis. But before that, they ensure that they evaluate the governance structure, examine internal controls, and draw lessons from previous crises.

Making Sure All Are Involved

To control the narrative, company reputation, and engagement with authorities and shareholders, the general counsel should make sure the teams in charge of communications, media relations, investor relations, and government affairs are included in the crisis management plan.

Working through Constraints

Not to mention the constraints in the response strategy. The GCs keep themselves well informed of the constraints in their incident response strategy. This is crucial as it helps bring in outside experts for areas like cybersecurity that aren't available within their company.

Preparing Possible Accountable People

In the meantime, the GCs inform and prepare the internal stakeholders as they might need to be consulted in an emergency. Therefore, these standards are made clear by the GCs. This is particularly true for CEOs, who can be held accountable for errors or omissions in both response and preparedness.

How GCs Make Sure the Incident Response Strategy Works

Under the GC's direction, cybersecurity crisis teams will be encouraged for enterprise-wide integration. Reacting swiftly but strategically, shaping the narrative, providing timely and honest messages to customers and stakeholders, and being accessible to affected parties are all essential components of a good crisis management approach that GCs show.

Innovative Ideas Are Welcomed, Too

Although the procedures seen by the GCs are followed strictly, they do make room for innovative ideas. They believe that even if one out of many ideas could create a powerful impact, then the end goal of the situation can be achieved. Then, they map out a trial and tried-and-true communications plan that enables the development of appropriate content and resources to which GCs can successfully respond. During this time, GCs also get the important messages conveyed to the stakeholders and, therefore, help maintain the preservation of their loyalty and trust.

Carrying out the Regulatory Outreach

The GC is in charge of organizing and carrying out regulatory outreach in times of crisis. Regulations pertaining to cybersecurity include strict reporting requirements and the submission of necessary data. During a crisis, the GC can work with outside counsel to coordinate the technical response while figuring out what their organization needs to do.

The Ability to Transform a Crisis into an Opportunity

After a cybersecurity event, companies are frequently under more scrutiny. If the issue is not handled well, this can lead to protracted legal proceedings as well as serious harm to an organization's brand and value. Careful and customized cybersecurity crisis preparedness, overseen by the GC's office, can reduce the risk and anxiety. An effective incident response strategy has the power to transform a crisis into an opportunity for businesses. Following a major corporate event, GCs can assist organizations in achieving long-term success by exhibiting calmness, competence, and an effective response.

Data security, privacy, and trust-focused leadership roles are growing increasingly prevalent in the C-Suite. The position of the CISO was nonexistent ten or fifteen years ago. CISOs are now gaining direct access to audit committees, the board, and a place at the table.

Together, these leaders in law, business, and security—who came together in the heat of cybercrime—will be able to steer companies through these unprecedented periods of digital disruption and fast change.