Over the past year, many customers have taken steps to update their data security and privacy policies. This trend has resulted in a notable increase in contractual updates and third-party reviews, reflecting a growing emphasis on compliance and risk management.

Interestingly, we’re observing a divergence in cybersecurity insurance costs. Secure companies that prioritise robust cybersecurity measures are enjoying a decrease in their insurance premiums, while those that consider security merely as a sunk cost or a routine expense are facing rising costs. This situation highlights the increasing recognition of cybersecurity as a critical component of business strategy rather than just a checkbox item.

I believe that recent updates from the DOJ and various presidential mandates have played a pivotal role in this shift. These regulatory changes have compelled organisations to rethink their cybersecurity infrastructure. As a result, there has been a transition from a mindset traditionally held by CFOs, who often focused on achieving “good enough” security to meet minimum requirements, to a more proactive approach led by CIOs and CISOs.

CIOs and CISOs are now prioritising partnerships with top-tier vendors that specialise exclusively in cybersecurity solutions. This renewed focus not only enhances the overall security posture of organisations but also aligns their cybersecurity strategies with broader regulatory expectations and best practices in the industry. By investing in comprehensive security measures, companies are not only protecting their assets but also positioning themselves as responsible stewards of customer data, which is increasingly important in today’s digital landscape.

Which recent political, economic or regulatory changes have impacted your work the most in the past year?  

The recent fluctuations in the federal reserve’s interest rates, particularly the increase followed by a decrease in September 2024, have significantly impacted many companies’ cash flow dynamics. When organisations are required to allocate a larger portion of their revenue for interest payments, they inevitably experience a reduction in the available cash flow. This can lead to a ripple effect throughout the economy, as companies have less capital to invest in growth initiatives, hire new employees, or reinvest in their operations, ultimately contributing to a slowdown in economic activity.

However, there are now indications of potential reductions in interest rates, which could provide much-needed relief for businesses. As the economic landscape begins to shift with the prospect of lower interest rates, I believe we may witness a resurgence in market activity. Companies may feel more confident in making investments, pursuing expansion plans, and driving innovation, all of which are crucial for economic growth.

How does your legal team collaborate with other departments within the company?  

RSA’s legal team adopts a proactive and collaborative approach when it comes to managing projects and engaging with other departments within the organisation. By involving legal expertise early in the project lifecycle, we are able to guide teams through potential pitfalls and help them navigate complex regulatory landscapes, ultimately facilitating smoother processes and increased chances of success. Conversely, if legal is brought in at the final stages, you have a 50/50 shot to get legal to approved. However, get legal involved at the beginning and that approval rate hits almost 100%. This is not just about streamlining the approval process; it’s about building a foundation of trust and understanding between legal and other departments.