Last week, the Federal Court handed down judgment in proceedings brought by the corporate regulator against a financial services provider for its failure to have adequate cyber security and cyber resilience risk management controls. That judgment offers key lessons, both for law firms and in-house teams.
Last Thursday (5 May), Clyde & Co partner Reece Corbett-Wilkins (pictured) spoke at the 2022 Corporate Counsel Summit, discussing the role of the law department in managing cyber risk.
He, alongside fellow panellists Accenture advisory executive Justin Forsell and Accenture global legal lead (strategic partnerships) Annie Haggar, challenged those in attendance to consider “revamping” their roles and to take a more active position as a trusted adviser in managing data and privacy legal risks for businesses.
Earlier that day, the Federal Court of Australia had handed down its decision in Australian Securities and Investments Commission v RI Advice Group Pty Ltd [2022] FCA 496. Mr Corbett-Wilkins waved a copy of the judgment in front of the audience, noting that they should all read its findings.
That judgment, he told Lawyers Weekly, is a “perfect case study for making…
