Risk & Compliance

 

Under the General Data Protection Regulations (GDPR), organisations may be fined up to €20 million, or 4% of the total worldwide annual turnover of the preceding financial year, whichever is higher. In January 2019, the French Data Protection Authority fined Google €50 million for GDPR violations. When the European Union’s GDPR went into effect in May 2018, many organizations feared heavy fines based on GDPR violations. Big headlines such as the fine issued against Google reinforced this perception.

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Every organisation has contracts, but not every organization adequately manages its contracts. And while the nature and complexity of these agreements can vary widely, careful governance enables organizations to maximize their value and limit their exposure. On the other hand, contracts that are administered poorly—or not at all—tend to leak revenue, drive costs upward and become cautionary tales of unfettered legal and compliance risks.

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No law firm in 2019 needs to be masking text instead of properly redacting it. The days of running a black marker over a hard copy and scanning it back in to create a new soft copy should be long gone. The modern equivalent – drawing a black box over content in Microsoft Word and converting to PDF – shouldn’t be far behind it, either. Why? Because PDF redaction solutions are widely available, reliable, and efficient.  

Don’t just mask sensitive information. Properly remove it. 

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With so much publicity given to serious data breaches and the devastating effect a hacked password can have for individuals and businesses, the most recent report from the National Cyber Security Centre (NCSC) makes for worrying reading.

The NCSC takes the lead for the UK on cyber security and their damning report highlights the problems of poor password security practices and the threat posed to everything they protect, from your money or your clients’ money to your personal data or your social media accounts.

Lack of understanding still shocking

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Acquisition of Chapman and Cutler LLP’s Closing Room for deal management and closing-binder
generation now fully integrated within NetDocuments platform

NetDocuments, the leading, secure cloud-based content services platform, today introduced SetBuilder, the fully-integrated NetDocuments application based on the acquisition of Chapman and Cutler’s Closing Room solution.

How well are you managing your information? Do you scramble to find important files? Are paper records consuming your office? For many organisations, identifying, securing, tracking, storing, and accessing documents is a big headache. In this blog, we discuss the advantages of centralised document management.

1. Security

Overseeing a large inventory of records across several departments, accessible to multiple employees, is difficult. The sheer volume of documents makes it easy for someone to steal sensitive personal or corporate information.

In recent years, a growing number of law firms have been moving to “paperless” or paper-light systems, with electronic records regarded as the “official” record of the organization. Certainly, law firms have come a long way in reducing their usage of paper and helping to save trees — striking a positive note this Arbor Day.

But for many firms, the elephant in the room is the large volume of physical records that have accumulated over decades — extremely costly to store and difficult to manage.

Driving down any London road without passing a self-storage facility is nearly impossible. That’s why so many organisations use them for document storage. But self-storage facilities come with big risks for document storage. In this blog, we discuss several of them.

You are more likely to experience a data breach at the hands of one of your employees than from a cybercriminal or computer hack.

More than 50% of data breaches worldwide are a result of people:

  • Sending confidential emails to the wrong people
  • Failing to remove harmful metadata from documents
  • Improperly redacting information in documents

A data breach of any sort could have serious repercussions financially and professionally for your business.

 

Improper redaction is a leading source of data breaches globally. In many countries, lawyers have a legal obligation to redact all kinds of confidential information prior to filing court documents – including financial account details, names of minors, home addresses, and dates of birth.

Googling the question, “how do I redact a document?” will return several answers. But, how can you know which redaction process is the best one?

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