Best Practices for Reducing the Cost of a Cyber Incident for Small to Mid-Sized Businesses
This article originally appeared American Business Magazine on May 2, 2024. View the original article here. Many small- and mid-sized business owners believe that they are not prime targets for a cyber breach and that threat actors only go after large companies. This is an incorrect and costly assumption. Smaller organizations are experiencing more data breaches and incurring considerably higher data breach costs year after year. Smaller companies are rife for data breaches for a number of reasons. First of all, they are desirable targets. Cybercriminals know that weaker security measures will make small businesses more vulnerable to an attack than larger companies. Additionally, most small businesses will not have a sophisticated infrastructure lacking best practice protocols such as backups of data stored offsite or offline which may necessitate the payment of a ransom to obtain a decryption key. In comparison to larger, more-prepared companies that typically maintain backups, smaller companies are at a disadvantage and threat actors are taking full advantage. Smaller organizations are often not financially equipped to withstand a cyberattack and most do not have cyber insurance. According to the 2023 IBM Cost of a Data Breach report, organizations with fewer than 5,000 employees reported that the average impact of a data breach increased nearly 20% with an average cost of between $3.29 million to $4.87 million. If this is correct, a successful cyberattack could result in the closure of more than 50-percent of small businesses. We all know data breaches are costly and the costliest record types are customer and employee personal identifiable information (PII). In 2023, customer PII such as names and corresponding Social Security Numbers cost organizations $183 per instance, with employee PII following close behind at $181 per record. In the past three years, customer PII was the most breached record type, and 52% of all breaches involved some form of customer PII. Employee PII is the second-most compromised data type at 40% and continues to grow year on year. Since data breaches are becoming an “if”, not “when” occurrence, small to mid-sized businesses should take steps now to reduce the exposure and ultimate cost of a cyber incident. Understanding that smaller businesses might have less money to take preventive measures, here are some cost-effective best practices to implement: 1. Obtain Cyber Insurance Cyber insurance can cost as little as $30 per month and averages about $145 per month for small businesses according to Insureon. Costs can escalate quickly in the event of a cyberattack with everything ranging from interruption to the business, attorneys’ fees, forensics and recovery costs, to data mining and the expense associated with state-required data subject notification. These costs force many small businesses into bankruptcy, which could have been avoided with cyber insurance. 2. Password Hygiene Encourage employees to change their password each month and to not include easily guessed names or phrases. Instruct employees not to use their work email to sign up for non-work-related accounts, newsletters, and so forth. Additionally, train employees to not reuse passwords across personal and work-related accounts. 3. Employee Training on Phishing Awareness Teaching employees about phishing awareness (email phishing, spear phishing, smishing, and vishing – oh my!) is one of the most effective ways to protect any business from cyber threats. A phishing awareness training program helps employees understand the diverse types of phishing and its impact on businesses, as well as how to not fall prey to these tactics. 4. Classify and track your sensitive data Data mapping is the process of creating a visual representation of your data. It helps you understand the landscape of your organization’s information, including where it resides and where sensitive data is stored. Depending on the size of your organization, you may be able to conduct data mapping manually. This can be a time consuming and labor-intensive process. Consider using GenAI context-based scanning tool for an initial assessment of where pockets of sensitive data are stored and how many of those are duplicative. 5. Practice deletion Do not continue the habit of storing old organizational data because that is what the organization has always done. With the ever-increasing cyber incident liability risk and changing threat environment, sticking to status quo policies is no longer the way to go. There is much more risk associated data retention than ever before, so practice deletion. Small to mid-sized businesses are at a much higher risk of cyber incidents than they think, and the cost of such incidents can be devastating. It is important for these sized businesses to take preventive measures to reduce the cost impact of an inevitable cyber incident. Some cost-effective best practices include obtaining cyber insurance, instituting good password hygiene, training employees on phishing awareness, classifying and tracking sensitive data, and practicing deletion. By implementing these measures, small to mid-sized businesses can better protect themselves against the growing threat of cyber incidents and their costly consequences. Read Full Article »
Video – Integreon | Leah Legal Co-Pilot
Schedule a Demo Schedule a demo with Integreon and Leah Legal Co-Pilot [contact-form-7 id=”34794ad” title=”LeAh CoPilot Contact Us Form”]
FCS Portfolio Awards Gala 2024
On May 2, 2024, Integreon joined over 130 financial marketing, communications, and media companies at the Ziegfeld Ballroom for the 30th Annual Financial Communications Society (FCS) Portfolio Awards. It was an inspiring night celebrating great work from organizations across the industry, with over 270 trophies awarded. FCS inducted three campaigns into the Portfolio Hall of Fame, celebrated the first three graduates of its new Marketing Scholars program, and announced total charitable donations over the past 12 months exceeding $125,000. The judging panel for the Portfolio Awards was comprised of 49 senior marketing and creative executives from financial services firms and agencies. In addition to evaluating over 600 entries, the judging panel honored their top overall favorite with the Judges’ Choice Award. Best in Show trophies were also awarded based on the highest average scores from the judging panel. Congratulations to all of the 2024 award winners! We look forward to celebrating new and exciting creative ideas again at the Gala next year.
5 Strategies for Navigating the Search for an Outsourcing Partner
Many organizations and their internal teams deal with repetitive tasks that can put a damper on productivity, growth, and job satisfaction. Turning to an external resource to share the workload and streamline processes can alleviate these pain points. However, choosing which outsourcing provider to use can be an overwhelming task. The key is to find the right fit – matching your needs with a partner you can trust. 1. Decide what to outsource Certain types of work are more easily outsourced than others. Think about your most repeatable and template-driven projects – like PowerPoint presentations, RFPs, KYC research and data entry. 2. Define the scope Do you need help with a standalone project or ongoing support? Most small one-off projects can be handled internally or by freelance contractors, but large-scale projects and regular overflow work are prime opportunities to leverage an outsourcing provider who can deliver skilled experts to complete the work. 3. Communicate with your team Overcoming internal resistance to outsourcing starts with communication. Make sure you have buy in from senior executives and then convey the benefits outsourcing will provide to your entire team. Highlight the advantages that will impact your team the most – such as improved efficiency and more time to focus on engaging work. 4. Select a point person Outsourcing is most successful with a dedicated team liaison in place to serve as the communication point between your team and the outsourcing provider. Establishing a central point person also helps ensure that the outsourcing team is properly trained and understands the business – resulting in better work product overall. 5. Leverage technology Monitoring analytics and regular reporting are key factors for successful outsourcing and help ensure accountability and timely communication. Look for a tech-savvy partner with versatile and robust reporting who is able to customize processes to measure your unique KPIs. Taking the time to find the right partner for your team is essential for successfully incorporating outsourcing solutions into your workflow. A partner who fits your unique needs and provides results you can trust will help you achieve your budget goals, streamline your processes, and reclaim valuable time.
Case Study: Helping tech leader Microsoft streamline and optimize contract operations
When Microsoft needed help managing an expanding volume of procurement contracts, they turned to Integreon. Over the course of more than 15 years, the Integreon team has implemented effective solutions for contract lifecycle management (CLM) that streamline operations while spearheading innovation in legal service delivery. Today, Integreon supports eight additional workstreams beyond contract reviews, including administrative and legal business support. The result is an ongoing partnership that enables Microsoft to more effectively align its resources to drive business growth. Why choose Integreon? Ability to quickly scale up resources both onshore and offshore Innovation programs, including automation design and implementation Additional shared services, including project management Ability to create complete workflow documentation Active participation in Microsoft initiatives to improve their products and services The partnership begins In 2008, Microsoft was juggling an increasing volume of routine procurement along with more complex agreements, such as master services agreements and statements of work. Turnaround times for legal review averaged three days per contract, straining internal staff. To prevent procurement delays, Microsoft decided to adopt a new approach to contract review: centralizing the processing and management of high-volume, low-risk contracts with an external partner. Following a review of alternative legal service providers (ALSPs), Microsoft chose Integreon. Working as an extension of Microsoft, the Integreon team set about reengineering the contracting processes and workflow while minimizing disruption to its internal team. The best outsourced team we have at the company by far. The work you do all year is important and you do it at a level above any other provider. Rob Greenall, Director, CELA This is the best support team at Microsoft. The amount of work, dedication, and customer-focus you all deliver is staggering, particularly during our busiest and most critical fiscal year-end cycles. Tom Orrison, Sr. Director, CELA Expanding the partnership Building on these early successes, Integreon continued to expand its partnership with Microsoft, bringing new services and innovations to its contract practice over the years. Highlights include: • Taking over the internal Help Desk and providing a one-stop shop for contracting services within Microsoft • Assisting in the selection and implementation of a new CLM platform and providing administrative and intake support for the platform, handling contract review, data abstraction and migration of 22,000 agreements to the CLM platform • Expanding services to Integreon’s teams in India and in the Philippines to support Asia Pacific region (APAC) operations • Scaling up to support an increased volume of contract reviews triggered by new data protection and privacy regulations • Expanding a subject matter expert (SME) support team • Managing new contract types processed through a new intake tool and new Microsoft audit policies • Implementing a variety of innovation projects and tools based on arti icial intelligence (AI) Embracing innovation From the beginning, Microsoft and Integreon adopted new systems and technologies to drive progress. Throughout the engagement, Integreon has worked to support and maximize Microsoft’s tools—including its automated contract Help Desk as well as using new technologies, such as robotic process automation (RPA) and AI. • 30% volume decrease in matter management due to automation efforts by the AskCELA team partnering with Microsoft Engineering • Year-over-year improvement in service-level agreements (SLAs) for Admin and Legal Procurement support due to improved workflow efficiency • 99% quality average, year over year • 4.8 out of 5 stars average customer survey feedback scores These and other initiatives have helped realize continuous improvement in performance for Microsoft’s contract operations. Integreon performance 99%+ of all requests completed without any escalation Average contract review turnaround time within 24-48 hours Request for signatures completed within 2 hours on average Contracts stored within 4 hours of signature on average Help-desk requests responded to and resolution under 24 hours on average 70+ associates trained on AI-powered copilots for efficiency gains Process improvement examples Bulk upload automation Problem: Microsoft manually created hundreds of contracts in Icertis Application for bulk upload requests. Solution: Integreon designed a robotic process automation (RPA) solution using Power Automate Desktop to streamline repetitive tasks and business processes. Impact: Increased efficiency and quality by 50% to 60% with minimal manual input required. Purchase Order (PO) approval automation Problem: Manual PO approval process response times averaged 90 to 120 minutes. Solution: Integreon designed a solution using Azure Logic Apps/Power Automate, Teams, and SharePoint to fire alerts based on specific events in AdobeSign. Impact: Improved PO Approval response times by 80%, averaging 10 to 15 minutes. Escalations tool Problem: Escalation communication between Integreon and Microsoft was done through emails. Solution: Integreon designed a Power Apps portal to collaborate between Microsoft SMEs and Integreon’s internal team on escalations. Features include raising, routing, tracking escalation status, collaboration, documentation and live notifications. Impact: Increased efficiency by 50% in managing escalations over a year. Learn how Integreon can help your organization do more and do it better. Contact us today at [email protected] or visit integreon.com. Integreon is a trusted provider of legal and business outsourced services to corporations and law firms worldwide. Through our global delivery centers, we provide expert support for a range of legal, regulatory, creative design, and administrative needs, with a proven ability to transform our clients’ business performance.
NetDiligence Cyber Risk Summit San Diego
Join Integreon at NetDiligence San Diego! Integreon is excited to sponsor the NetDiligence Cyber Risk Summit in San Diego on May 20th – 22nd, 2024. Join us in Coronado Bay at the Loews Hotel for unparalleled programming, providing highly focused content targeting Privacy Litigation, and Security & Compliance. Connect with Integreon Integreon will be on site all week and would welcome the opportunity to connect. Reach out to our cyber experts ahead of the event to set up a meeting to connect with us in person. To set up a meeting, please reach out to Sarah Wiley. SCHEDULE A MEETING LEARN MORE
Unleashing the Power of GenAI in Contracts Management: 3 Easy Ways to Start and Benefit
Corporate interest in AI, particularly generative AI (genAI), has surged dramatically. For many legal teams, there is pressure all the way from the C-suite to start using this new technology. However, the process of identifying use cases can feel like uncharted territory, fraught with indecision and concerns about technology readiness, defining internal appropriate use protocols and deciding whether and how to invest in any of the applications being offered. The potential benefits are too great to ignore –automating time-consuming tasks, transforming knowledge management, and augmenting productivity of existing legal resources. It is only by engaging with GenAI that a true understanding of capabilities, use cases and required skill sets can be built. This post will detail three ways legal departments can create forward momentum today in using GenAI to deliver tangible value to legal teams and clients. Because current GenAI capabilities are very applicable to contracts support, we will begin our journey here. Quick Wins A: Redlining Third-Party Paper Surveys over recent years have indicated that in-house legal teams feel overwhelmed by the amount of work piling up on their plates. This has been exacerbated by companies instituting hiring freezes and cost cuts as they navigate current environments, compounded by concerns about over-hiring during the Covid pandemic and about the impact of GenAI on future workforce composition. A quick win for overworked teams relates to third-party paper received from contracting counterparties. Third-party paper has historically proven to be a real burden as most CLM systems don’t handle it well, many of the terms don’t conform to company standards and thus, are often assigned to the internal legal team to manage. Today, GenAI enables the ability to quickly do a first-pass review using client standards, significantly reducing the time spent negotiating terms and improving both responsiveness and the amount of time needed to complete a negotiation. This functionality is available today. B: Legal Helpdesk Legal departments have long battled the challenge of creating self-help tools for frequently asked questions about corporate and legal policies and procedures. The issue with past efforts is that the tools created were often static and frequently outdated as assigned SMEs moved on to other roles or were dealing with more urgent matters. Today, with GenAI and the ability to query documents in natural language, there is an incredible opportunity to increase the effectiveness of a Legal Helpdesk. Identifying areas where people have frequent questions, and then building appropriate responses to those queries, will enable businesses to move forward quickly and manage compliance risks. The ability to create such a Helpdesk exists today. This is a great tool for enhancing the overall productivity of the legal team. C: Contracts Analytics Despite the pervasive implementation of CLM tools and initiatives to consolidate contracts into a central repository, the truth is that much of the contracts portfolio for a company remains scattered and with limited ways to extract useful data. Required data can be as simple as understanding payment terms across customer/vendor contracts or understanding lease obligations from a large portfolio of offices and sites for a global company. The good news is that today’s GenAI technology offers a significant improvement over traditional AI in the ability to extract information from a contracts portfolio. The ability to do so and solve for pressing business needs represents a compelling opportunity for the legal function to add value. This capability exists today. Faster, Safest Route: Leverage a GenAI-Enabled Services Provider For companies that need to do more with less and see GenAI as the means to that end, the most expedient route is to partner with a GenAI-enabled legal services provider. In doing so, you remove the time-consuming task of vetting the myriad of tech solutions and going through the procurement, implementation, training, and change management processes. Additionally, service providers have access to a pool of resources skilled in both contracts and the use of GenAI to execute on any of the above-listed quick wins. Once you discover the capabilities of GenAI-enabled offerings, there is always the option to insource technology and have internal legal resources drive transformative initiatives and use cases. However, you need to get in the game now. Learn what GenAI can do for you, work on use cases with your service provider, and learn the skills necessary to further capitalize on its uses. The key is to engage sooner rather than later so that you can better influence selected tools and initial set of use cases.
Managed Document Review: Magic Circle Law Firm
Expert-led early case assessment (ECA) enhanced by tech drives cost savings and speed Client Magic Circle Law Firm Challenge The client was subject to cross-border litigation and the initial review set was more than 800,000 English and Portuguese documents. Due to the complexity of the matter, the scope of the review changed frequently, and additional collections were required. Delays in collections and the availability of documents for review resulted in the client needing to review a large set of documents within an abridged time frame. Due to the need to phase the review sets, the ability to scale up and down at short notice was critical. Solution A dual shore delivery model. The Integreon India team reviewed the English documents and an Integreon team in London completed the Portuguese review set. Integreon worked closely with the client and technology partner to implement an active learning workflow to reduce the review set and save time and cost. Results Bi-weekly releases from Integreon’s dual shore review teams allowed the client to conduct their second-level review concurrently to the first level workflow so that production timelines could be met. Implementing a dual shore workflow and Continuous Active Learning (CAL) process resulted in the client achieving a cost savings of approximately 65%.