There’s maybe a silver lining for U.S law firms in the cloud created by EY’s failure to split.

← Back to Blog

There’s maybe a silver lining for U.S law firms in the cloud created by EY’s failure to split. As the split between EYs Audit and consulting business would have enabled the firm to pursue lucrative opportunities to provide legal services in the U.S similar to those in Asia and South America.

Here in lies an opportunity for U.S law firms to grasp and grasp quickly. While they may not have the technology clout of the big 4, they have the regulatory, compliance and legal capabilities required to deliver cybersecurity risk management services. Services whose demand will increase when U.S and EU regulators finalize cybersecurity risk management regulations. Regulations that are fated to affect the board rooms of their clients, requiring oversight, assurance and attestation of cybersecurity risk management, ahead of regulatory reporting. Or in the worst case situation civil or criminal action.

Cyber is an enterprise wide risk, one that is regulated to affect boards directly, corporate supply chains, incident response and require boards to attest cybersecurity risk management compliance directly to regulators. Compliance that requires oversight, assurance and attestation best served through corporate governance, supported by legal counsel and cyber advisory services.

Ted Dziekanowski Rachel V. Rose, JD, MBA Stephen Pitt-Walker, JD, FGIA Jamie Foster

#cybersecurity #cyberlaw #cyberriskmanagement #regulatorycompliance #regulatoryreporting

View Original Post
https://www.linkedin.com/feed/update/urn%3Ali%3Ashare%3A7059107030552178688