- Cybersecurity Crisis Response offering to combine critical knowledge and experience base across cybersecurity, law and crisis communications
- Co-developed strategic playbook to enable boards and management teams to confidently respond rapidly in a cybersecurity crisis
We’ve joined forces with law firm Norton Rose Fulbright in Canada and Provident Communications Inc. to launch a comprehensive data breach crisis response offering providing enterprise clients with a single, fully integrated source for cybersecurity, legal and crisis communications expertise.
In addition to offering a complete suite of services in a range of cybersecurity crisis and compromised privacy scenarios, the three firms are leveraging their unique experience base to develop a strategic playbook to enable boards and management teams to confidently and strategically respond to an emerging data breach.
The playbook will not only be fully customizable but also provide an array of actionable, client-specific insights and information regarding all aspects of a cybersecurity crisis, from process and response team structure to legal strategy and communications messaging and tactics.
“The volume, variety and sophistication of cyberattacks are growing daily,” says Yogen Appalraju, EY Canada Cybersecurity Leader. “At the same time, new regulatory and compliance obligations and other stakeholder expectations have introduced additional complexity that impacts the ability of organizations to rapidly respond to threats. Our combined cybersecurity, legal and communications offering will enable companies to be better aligned and respond with more speed and effectiveness during a crisis."
According to the Office of the Privacy Commissioner of Canada, more than 28 million Canadians were affected by a data breach between November 2018 and November 2019. At the same time, the EY Global Information Security Survey found that 77% of companies globally are operating with only limited cybersecurity and resilience.
“While a number of Canadian organizations are world leaders when it comes to investing in IT security infrastructure, many remain unprepared to effectively manage an incident when those defences fail and sensitive customer data is compromised,” says Walied Soliman, Partner and Canadian Chair of Norton Rose Fulbright. “Our strategic playbook will empower boards and executive leadership teams to anticipate, identify and proactively address potential gaps in their planning, thereby ensuring that they have a clear action plan in place for when a crisis strikes.”
“The economic cost of a cyberattack is significant for an organization of any size, but the resulting loss of customer trust and the harm to a company’s reputation can be just as painful and take longer to repair,” says Wojtek Dabrowski, Managing Partner at Provident Communications. “Responding effectively to customers, media, investors, employees, regulators and all other stakeholders in real time is absolutely critical to managing a cybersecurity crisis and limiting its long-term negative impacts.”
A 2019 study conducted the Ponemon Institute and sponsored by IBM found that the average cost of a data breach in Canada is $4.4 million, making it the fourth most costly location for a cyberattack in the world. According to the report, the organizations that had an incident response team in place and tested their incident response plans extensively saw a significant reduction in the financial impact of a data breach.
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For more information, please visit ey.com/ca. Follow us on Twitter @EYCanada.
EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via ey.com/privacy. For more information about our organization, please visit ey.com.
About Norton Rose Fulbright
Norton Rose Fulbright is a global law firm providing the world’s preeminent corporations and financial institutions with a full business law service. The firm has more than 4,000 lawyers and other legal staff based in Europe, the United States, Canada, Latin America, Asia, Australia, Africa and the Middle East.
Recognized for its industry focus, Norton Rose Fulbright is strong across all the key industry sectors: financial institutions; energy; infrastructure, mining and commodities; transport; technology and innovation; and life sciences and healthcare. Through its global risk advisory group, the firm leverages its industry experience with its knowledge of legal, regulatory, compliance and governance issues to provide clients with practical solutions to the legal and regulatory risks facing their businesses.
Norton Rose Fulbright operates in accordance with its global business principles of quality, unity and integrity, aiming to provide the highest possible standard of legal service in each of its offices and to maintain that level of quality at every point of contact.
Norton Rose Fulbright Verein, a Swiss verein, helps coordinate the activities of Norton Rose Fulbright members but does not itself provide legal services to clients. Norton Rose Fulbright has offices in more than 50 cities worldwide, including London, Houston, New York, Toronto, Mexico City, Hong Kong, Sydney and Johannesburg. For more information, see nortonrosefulbright.com/legal-notices.
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About Provident Communications
Provident Communications Inc. is a Toronto-based strategic communications agency with national and global reach. The firm is comprised of senior strategic advisers with decades of experience working with some of the world's biggest organizations. Provident provides communications counsel to clients in a variety of industries, from financial services to technology and retail, with offerings that range from crisis management and counsel to media training, public relations and thought leadership campaigns as well as content strategy and execution. For more information, visit providentcomms.com.