While some may view this as an exceptional case driven by its unique facts, the actions taken by Yahoo’s board and the company’s public disclosures underscore a more significant and noteworthy trend as it relates to the role of the legal function, corporate governance, in general, and cybersecurity, in particular. Namely, that cybersecurity issues continue to shift away from the IT department, not only ranking among the most important issues facing any enterprise, its management and board – but now also falling squarely under the purview and oversight of its legal department.
For GCs still trying to process Yahoo’s recent disquieting SEC disclosure (or for those GCs thinking, “There but for the grace of God go I”), this article offers three key takeaways along with some practical advice for the future.
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