Cybersecurity Offering
Last but not least, Legal should also be ready to help the company to develop new offerings.
One local legal department recently demonstrated its ability to act as a true business enabler to help a local Business Unit build a cybersecurity offering (360° Cybersecurity Strategy).
This offering leverages the business unit's technical capabilities, the legal clout of a well-known external law firm and an insurance broker. The role of the internal legal department was decisive in structuring this security offering which offers clients an appropriate and complete cybersecurity incident prevention program. At the project's inception, the business unit stakeholders shared with the local General Counsel the difficulties to market the existing cybersecurity services. Legal helped reposition the offering and combined it with the skills of complementary market players to leverage each partner's potential customer base. The program rests on three legs. The first leg is the technical conditions designed to limit the risks of unauthorized access, data losses or failures of critical IT infrastructure; the second one is the legal and contractual framework applicable to the critical IT infrastructure; and the third is insurance coverage for cybersecurity incidents.This type of initiative is again possible because the legal department plays a central role in the company and is thus well aware of client, vendor, and alliance ecosystem, as well as litigation and regulations. This example proves that it is possible for Legal to generate significant opportunities and demonstrate legal departments’ value to the business teams.
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