New Bloomberg Law Tool Enables Privacy Attorneys and Compliance Professionals to Benchmark Compliance Risk Across Nearly 50 Countries Worldwide
Arlington, Va. (April 19, 2017) — Bloomberg Law today announced that based on analysis from its Compliance Risk Benchmarks data, South Korea leads nearly 50 countries in data breach notification compliance risk. South Korea rated 83 out of 100 on the risk benchmark index based on its extensive legal and regulatory requirements, an aggressive enforcement climate, and potential civil, criminal, and financial exposure. For more information on Bloomberg Law’s Compliance Risk Benchmarks, visit http://on.bna.com/daZz30aX8hW.
Bloomberg Law’s Compliance Risk Benchmarks is available today to all existing Bloomberg Law subscribers. It helps legal counsel and compliance professionals handle matters such as determining where to locate a facility or office as part of a global expansion by balancing business benefits with compliance-related issues, communicating the threat of risk to executives and boards of directors, and gauging the costs of compliance versus non-compliance before determining a course of action.
Compliance Risk Benchmarks offers insights into the comparative burdens and risks related to ten topics impacting global businesses including data security, data transfer, online privacy, and employee monitoring and surveillance. The new tool and data provide a relative risk score for each country based on measures including enforcement level, potential monetary penalties, imprisonment, and litigation exposure.
“This is a great resource for evaluating and managing risks associated with privacy and data security practices,” said Lisa Sotto, head of the global privacy and cybersecurity practice at Hunton & Williams LLP. “The product’s international scope and all-in-one user platform will be useful to legal teams around the world.”
Compliance Risk Benchmarks incorporates expert analysis from data protection professionals in each country as well as news and relevant laws and regulations. With its robust data visualization feature, critical privacy issues can easily be communicated to business leaders. Users can also go from viewing multiple countries to a snapshot of each country’s risk factors.
“Corporations need to balance compliance risk with business objectives,” said Alex Butler, Vice President & General Manager of Corporate, Tech & IP for Bloomberg Law. “Compliance Risk Benchmarks fills a void by providing important context to businesses, legal and compliance professionals, and deep insights into complex data protection laws, with consideration of potential financial, criminal, and litigation exposure. The rigor and perspective gained from this top-down, comparative approach is invaluable when making risk-based decisions, allocating privacy compliance program resources, and developing global privacy programs.”
Bloomberg Law is also releasing an accompanying report, “Anticipating the Burden of Risk,” which provides an overview of the international regulatory environment and the risk landscape surrounding breach notification compliance. The report features an analysis of the countries with the highest compliance risk for breach notification, with write-ups of the top five, which include South Korea, Colombia, Mexico, France, and Japan. It be can accessed at www.bna.com/ComplianceRiskBenchmarks.
Compliance Risk Benchmarks, consistent with all Bloomberg Law enhancements to tools and content, is provided at no additional cost to existing clients. The new solution is being showcased at this week’s IAPP Global Privacy Summit in Washington, D.C. (booth #31).
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