A new study conducted Kroll and Compliance Week finds that seventy-five percent of corporate compliance officers are not actively involved in efforts to manage cybersecurity risk, and nearly half said chief compliance officers (CCOs) only address privacy compliance and breach disclosure risk issues after a security event has occurred, and not prior.
The 2014 Anti-Bribery and Corruption Benchmarking Report highlights a major gap in risk management responsibilities in corporations in spite of the fact that cybersecurity events can result in severe monetary penalties, legal liability and regulatory compliance lapses for organizations.
“Every compliance officer needs to decide whether it’s time for them to be Captain Kirk and boldly go into cyber,” said Alan Brill, senior managing director for Kroll. “And to do it by forging a partnership with the IT director, with the general counsel, with the internal auditor—so that the cyber elements of compliance are just the everyday part of your work.”
Key findings in the study include:
- More than 50 percent of compliance professionals anticipate the bribery and corruption risks to their company will increase this year
- 58 percent never train third-parties
- Only 43 percent monitor compliance after a third-party relationship begins
- 48 percent automate their anti-corruption program in some way
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