Cyber Advisory and Risk Management: Safeguards Against Litigation
Cyber Advisory and Risk Management Solutions
Cyberattacks, data breaches, corporate espionage, embezzlement, fraud – these were once crimes that only concerned the largest corporations and governments. Today, with so much private data stored electronically, whether on local devices or in the cloud, a growing population of small businesses and individuals now have to contend with these crimes each and every day.
Statistics show that 9 out of every 10 businesses will face litigation1. With growth in malware attacks and data breaches, many businesses will have to navigate costly investigations and litigation in the coming years. At Grobstein Teeple LLP, we’re here to help. We have the expertise to help you identify the risks, create a plan to protect your data and intellectual property, and work with you to monitor your data to ensure its integrity is maintained.
Managing Risk in a Data-Driven World
Constantly evolving technology quickly catapulted businesses out of the paper and file cabinet world into the digital universe over the last 20 years. Many companies now retain the entirety of their data as electronically stored information (“ESI”) to increase efficiency, particularly as the cost of storing ESI has fallen dramatically. The downside: this data is at constant risk. In fact, the first half of 2017 saw a 29% jump in the number of data breaches in America2. Typical out of the box software can safeguard this data to an extent. Often, to truly secure ESI requires a combination of software, monitoring, and a knowledge of how to identify risk and adjust protection measures to mitigate the risk. At Grobstein Teeple, our firm uses state of the art technology, coupled with the knowledge on how to implement and maintain that technology, to reduce the exposure of your data to a cyberattack.
So, how big is this exposure? Currently, the average cost of a data breach to a company is $7 million2. These costs often include hiring professionals to identify the breach and the extent of it, work to end the exposure and re-secure the data, offer support to those affected by the breach, and costs to resurrect the trust of the public to know that work can be done securely again with your business.
Grobstein Teeple offers a unique platform of solutions to help you head off a data breach or, if a cyberattack has occurred, work to mitigate the damage and help get you back on line quickly and cost-effectively.
Cyber Advisory in a Litigious World
Data protection and cybersecurity are a good start, but data breaches aren’t the only source of risk. Lawsuits involving self-reports of white-collar crimes, embezzlement accusations, fraud investigations, and even self-believed whistleblowers are on the rise. Even without a breach, inaccurate or incomplete data or bookkeeping can put you at risk. What does this mean for your business? It means you need financial professionals in your corner who are experienced in fraud investigation, dispute resolution, cybersecurity, and even criminal prosecutions.
If the worst happens and you find yourself being sued, investigated, or facing a transaction dispute, the good news is that it may not be too late to get your books in order. It’s not easy, but our experts can go through third-party source material to back-fill reliable and accurate records, getting you back on the right track.
The Best Defense is a Good Offense
Because it’s so unlikely that your company won’t run into legal issues at some point, you can and should take proactive measures to prevent these problems. Even if you do everything right, troubles can still arise. If they do, we at Grobstein Teeple LLP can ensure you’re ready to face them head on.
If you’re currently in the response or recovery phase, we can take steps to mitigate or even remove the negative consequences of what was likely nothing more than an oversight.
Contact us and let us steer you down the right path!