Conference on Business Law and Legal Issues hosted by and KPMG

On June 11, 2018, CPDOnline hosted its 3rd Annual Conference on Business Law and Legal Issues Facing Finance Professionals at KPMG’s offices in Bay-Adelaide West and hosted by KPMG. With the fun title, “Feeling SaaS-y: Data Security, Privacy Privacy and IP Protection for CFOs,” industry experts spoke on issues facing subscription and SaaS-based businesses from third party software licenses, revenue recognition, management of Internet-of-Things devices and protection of data in the cloud.

The conference started with BlueJLegal CEO Benjamin Alerie covering the history of legal technology, starting with Hammurabi’s Code in 1754 BC and leading up to the present. BlueJLegal’s “Employment Foresight” tool can search, sort and analyze all existing case law in real time to provide immediate options for lawyers and their clients. Canada is at the forefront of using Artificial Intelligence for law, Alerie says.

Peter Murphy of Shibley Righton LLP discussed implications for storing and managing private data and highlighted some staggering statistics. 27% of Chief Legal Officer’s reported their company had a data breach in 2016 or 2017, according to an Association of Corporate Counsel survey. $3.62 million was the average cost of a data breach in 2017, according to Ponemon Institute survey.

Joe Pizzacalla of Altius IT Solutions Inc. and formerly of the Canadian Armed Services reviewed the many ways a data breach can occur and best practices to mitigate risk. Small businesses can be at risk from something as simple as an open WiFi connection in their office or lobby. The most sophisticated data breach can now occur from highly-targeted “spear-phishing” campaigns directly targeted to a specific executive and including highly personal or “real” seeming requests by email. Pizzacalla suggests annual training to alert employees about the most up-to-date tactics.