ARTICLE
8 December 2020

Cyberattacks Directed At Data Make The Chief Data Officer More Important Than Ever!

FL
Foley & Lardner

Contributor

Foley & Lardner LLP looks beyond the law to focus on the constantly evolving demands facing our clients and their industries. With over 1,100 lawyers in 24 offices across the United States, Mexico, Europe and Asia, Foley approaches client service by first understanding our clients’ priorities, objectives and challenges. We work hard to understand our clients’ issues and forge long-term relationships with them to help achieve successful outcomes and solve their legal issues through practical business advice and cutting-edge legal insight. Our clients view us as trusted business advisors because we understand that great legal service is only valuable if it is relevant, practical and beneficial to their businesses.
The MIT Sloan Review reported "In the wake of the 2008-09 financial crisis, leading financial services companies were compelled by government regulators to address systemic issues resulting...
United States Technology

The MIT Sloan Review reported “In the wake of the 2008-09 financial crisis, leading financial services companies were compelled by government regulators to address systemic issues resulting from failures in the management and reporting of financial data that were seen as a contributing factor to the financial collapse. In response, several large banks took the lead in creating the role of chief data officer (CDO) to focus on implementing standards and safeguards for managing data. The driving motivation was to mitigate risk and avoid future systemic financial failures.”  The November 30, 2020 article entitled “Why Chief Data Officers Must Assume Leadership for Data Success” included these comments:

Today, the chief data officer role has emerged as a standard for most Fortune 1000 companies, but it comes with serious issues and challenges as companies struggle with how best to shape the role to achieve successful business outcomes.

While a majority of CDOs — 54.6% — are now focused on revenue initiatives (offensive), a significant minority — 45.4% — remain focused on risk factors (defensive).

Only 12.3% of CDOs have assumed direct revenue responsibility thus far, suggesting that moving into an offensive business-generation role will take some time.

Alarmingly, less than 30% of executives report that the CDO role is successful and well established within their organizations.

What is the role of CDO in your organization?

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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