It is a proven fact that technological risks are among the main concerns of corporate senior management. This is corroborated by the general counsels interviewed in our latest 2022 General Counsel Report. They agree that the past two years have seen a significant increase in the importance of technology and the use of electronic data in business decision-making. According to respondents, there are also reports of greater concern among executives about the risks related to data processing – i.e. issues such as privacy, security, and data protection.
When making a corporate decision regarding the use, handling and transfer of any type of electronic data, we must consider all possible risks associated. The likely consequences that can ensue from failing to take adequate measures can include, among others, fines, an impact on the company's reputation, loss of business, and competitive disadvantages.
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