Facts and Figures: IT professionals wary of compliance data

From protecting compliance data to credit card information security, a look at the numbers that count in the legal world

Data... protection?

What’s the best way to handle sensitive compliance data? Turn it over to your IT department, right? Well, according to a Six Degrees Group study, IT professionals may not believe that they have the correct tools to keep the data safe, either. The study claims that more than half of IT professionals surveyed would rather utilize a managed service provider (MSP) to handle data compliance rather than do so internally. In addition, just under half (43 percent) of the 138 respondents indicated that they do not have a clear understanding of how to manage compliance data.

52% of IT professionals would rather turn compliance data over to an MSP

86% expressed concerns about where data is stored within the company

35% of professionals that utilize an MSP admitted that they do not know where data is ultimately stored

Compliance


Commanding compliance

Nobody wants another financial crisis, least of all the world’s financial institutions. That’s why, according to Accenture, most compliance managers at banking and capital markets firms believe that their companies will increase their investment in risk and compliance over the next two years. The Accenture survey says that companies are actively pursuing avenues to increase compliance standards off of their current base. However, the survey also says that most companies feel compliance organizations frequently fall short of their own expectations.

60% of managers say their company needs a stronger compliance culture

2/3 of compliance managers believe compliance needs to “foster greater correlation” with their organization’s governance

71% of compliance managers currently report directly to the CEO or board of directors

credit card

 

Counting cards

So maybe Target and Neiman Marcus weren’t the most secure companies in the world when it came to protecting customers’ credit card data. Unfortunately for the general shopping public, though, a recent Verizon Enterprise Solutions survey says that they have company, as many companies are not reaching Payment Card Industry (PCI) data security standards. The Verizon 2014 PCI Compliance Report says that the rate of attempted credit card hackings has gone up, but some companies still only worry about compliance on a limited basis. “We continue to see many organizations viewing PCI compliance as a single annual event, unaware that compliance needs to have a 365 day-a-year focus,” said Rodolphe Simonetti, managing director, PCI practice, Verizon Enterprise Solutions.

11.1% of tested companies passed all 12 requirements of the PCI standard

51.1% of companies passed at least 7 requirements of the PCI standard

75% of Asian/Pacific companies were at least 80 percent compliant, compared to 56% for North America and 31% for Europe

$11 billion was lost via credit card fraud in 2012 alone

Patent troll

 

Troll watch

Watch out AT&T: You’ve got a patent troll problem. Fortune Magazine recently published a list of the top ten companies currently being targeted by patent trolls, and the communications company topped the list with 70 patent troll suits active in 2013. Tech giant Google sat second on the list with 43 suits in 2013, followed by Verizon, Apple, Samsung and Amazon. Seeing that list, it’s no surprise, then, that many technology companies are on the first lines to push patent trolls back under the bridge in order to better protect their companies’ intellectual property.

4,843 defendants were named in patent troll suits in 2013

3,608 suits were filed by patent trolls in 2013

67% of all new patent cases filed in 2013 were the result of a patent troll suit

Apple bite

 

Bite of the apple

Reading this slideshow on an iPad right now? If a recent Clio survey is any indication, that shouldn’t exactly be a surprise. In its 2013 “Apple Devices in Law Offices” survey, the cloud-based practice management solutions company found that the tech giant’s influence is growing in law firms. iPad adoption has seen an increase from 10 percent of all firms to 67 percent of all firms in just three years. iPhone usage in firms also increased 12 percent within the past year, while Android and BlackBerry both saw decreases.

74% of law firms used iPhones in 2013

10% more law firm offices used iPads in 2013 than in 2012

66% of firms used Mac OS as the office’s operating system of choice

Assistant Editor

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Zach Warren

Zach Warren is Assistant Editor of InsideCounsel magazine, where he oversees online content submissions and administers InsideCounsel's enewsletters. Zach specializes in new media and multimedia...

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