Sinead Moore 13 Dec 2016 05:25pm

Grant Thornton and Lewis Silkin launch data audit service

Grant Thornton has teamed up with top 100 law firm Lewis Silkin to launch an innovative new data and cyber security audit service to help organisations deal with the challenge of increasing data breach risk and regulation

The firms warned that upcoming data reforms in Europe mean businesses are now facing the prospect of additional compliance as well as data breach and cyber crime risk.

DataCheckPoint is designed to help clients prepare for current and future challenges, as the General Data Protection Regulation (GDPR) and the Security of Network and Information Systems Directive (NIS Directive) are both due to come into force from May 2018.

The partnership combines the sector-specific knowledge of Grant Thornton and Lewis Silkin to offer a holistic and integrated data compliance audit service, tailored to clients’ critical needs and strategic objectives.

The firms said their new fit-for-purpose data audit solution is an alternative to the Big Four accounting firms and traditional international law firms.

Based on an eight stage process, the audits incorporate a new scoping and gap analysis methodology which caters for innovative reporting and effective compliance implementation programmes.

Manu Sharma, head of cyber security at Grant Thornton UK said, “Robust data compliance is critical to protecting organisations’ reputations and DataCheckPoint provides a tailor-made, flexible solution that will both offer a bespoke systems evaluation and, critically, identify solutions to mitigate any risks.

“It is our aim to help businesses prepare for the GDPR and the wider, global, cyber and data security landscape in the most resource-effective and timely way possible, and we look forward to working with Lewis Silkin to provide this best-in-class service to clients.”

Dr Nathalie Moreno, partner at Lewis Silkin added, “With Europe taking data and cyber security incredibly seriously and establishing new rules, a joined-up approach to compliance and audit is now a necessity and we’re delighted to be launching DataCheckPoint as a solution for businesses.

She added, "We have a long-standing relationship with Grant Thornton and count them as our trusted advisers in the realm of cyber security; it is a pleasure to be working with them to combine our expertise in this innovative new service for all organisations doing business in Europe."

The World Economic Forum estimates that cyber-crime costs the global economy $44.5bn (£35.08bn) while IBM estimates the average cost of a single data breach to be $4m.