January 18, 2021

Volume XI, Number 18

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January 15, 2021

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Cyberattacks directed at data make the Chief Data Officer more important than ever!

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?

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© 2020 Foley & Lardner LLPNational Law Review, Volume X, Number 338
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About this Author

Peter Vogel, trial attorney, Foley Lardner
Partner

Peter Vogel is renowned as both a trial and transactional lawyer who deeply understands technology, science and intellectual property, and the opportunities and problems they pose for clients. Governments and administrative agencies, as well as major corporations and emerging businesses, rely on Peter to get right to the heart of an information technology or e-discovery dispute; he knows what to expect and how it will play out in the courtroom. This eliminates unproductive rabbit trails and reduces the cost of litigation for all parties. When negotiating agreements for...

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