Information security

Information security has become a business-critical issue. It is not something you can tackle in isolation, as there are obvious overlaps with cyber security and data protection.

A logical process for reviewing and addressing your information security requirements is to:

•
identify what information you hold, manage or are responsible for
•
assess the risks to that information
•
implement systems and controls to protect the information and mitigate risks so far as reasonably practicable
•
train your staff to include ongoing awareness campaigns
•
review your processes on a recurring basis, at least annually

Regulatory requirements

SRA

You must protect client money and assets.

You must also keep the affairs of clients confidential unless disclosure is required or permitted by law or the client consents.

Data protection

Integrity and confidentiality of personal data is a key principle of the Assimilated Regulation (EU) 2016/679, General Data Protection Regulation (UK GDPR). Personal data must be processed in a manner that ensures appropriate security, including protection against unauthorised or unlawful processing and against accidental loss, destruction or damage, using appropriate technical or organisational measures. This is

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.

TAKE A FREE TRIAL

Latest Practice Compliance News

Guidance on the information sharing measures in the Economic Crime and Corporate Transparency Act 2023 has been updated

An update to the guidance on information sharing measures outlined in the Economic Crime and Corporate Transparency Act 2023 has been updated on the government’s website. The measures, which are voluntary, allow regulated firms to share customer information for the purposes of preventing, investigating and detecting economic crime and have been put in place to provide greater clarity and comfort to regulated firms to share relevant customer information.

New Practice Compliance forecast as at 18 December 2024

Our new Practice Compliance forecast (as at 18 December 2024) is now live. This month we report on items including: (1) publication of Guidelines 02/2024 on Article 48 GDPR by the European Data Protection Board (EDPB) for consultation; (2) expectations for the Legal Ombudsman (LeO) to publish its final budget and business plan in Spring 2025; (3) expectations for the Data (Use and Access) Bill to be enacted in early spring 2025, and (4) a statement by the ICO that it would update its existing AI guidance in due course.

House of Lords conclude committee stage of Data (Use and Access) Bill

The House of Lords has completed the committee stage of the Data (Use and Access) Bill, the final day of scrutiny took place on 18 December 2024 and focused on amendments related to children and AI, national security and data privacy risks and AI compliance with UK copyright law. The bill, aimed at harnessing data for economic growth and improving digital governance, has undergone thorough examination over multiple sessions, addressing issues such as protection of children, misuse of AI rules, data mining and processing of personal data. The next stage, report stage, is scheduled for 21 January 2025.