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Are Privacy and Cybersecurity the Next Frontier for ESG?

Data privacy and protection might be of increasing importance to regulators, investors and clients but most organizations don't currently include such topics in their ESG planning—including law firms.

By Victoria Hudgins | February 10, 2022 at 10:00 AM
Stock image: ESG

Corporate clients’ and consumers’ growing data privacy awareness is encouraging more companies to include data privacy and digital ethics in their environmental, social, and governance (ESG) strategies. But observers note that practice is far from being widely adopted across any industry, despite growing concerns around organizations’ data practices. 

While data might be the lifeblood of a company, data privacy is often viewed by companies as a regulatory requirement, not a necessary component for strategizing.

“I think data is the core of a modern company, and I think if you talk about ESG, data may not be in the first rank of topics,” said Dr. Martin Eckert, a co-partner, attorney, and ESG consultant at MME, a legal, tax, and compliance consultancy. “If you talk about ESG, it’s more about the future and strategy. I think data is somehow underestimated. I think it’s much more important than other topics if you consider government and social issues; it’s all about data,” he added.

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