Clutch Group VP Varun Mehta Quoted in Wall Street Journal Article

October 27th, 2014

Clutch VP Varun Mehta was quoted in a recent Wall Street Journal article that discussed financial institutions’ newly sharpened focus on security when dealing with outside law firms. Check out the excerpt below, or follow this link to the full article.

Banks Demand That Law Firms Harden Cyberattack Defenses

Background Checks, System Audits Are Used to Close Potential Back-Door Breaches

Once given special status as trusted third parties, lawyers, particularly those who get access to sensitive bank information, now are more likely to get full background checks. The number of compliance checklists for law-firm technology systems and security procedures has ballooned. And law firms big and small increasingly are getting on-site audits to check who has access to documents and office servers.

A spate of cyberattacks has sharpened financial institutions’ focus on security when dealing with outside law firms, said Varun Mehta, a vice president at Clutch Group LLC, a legal and compliance consulting firm that works with global banks. “Every bank has changed from a year ago,” he said.

J.P. Morgan Chase & Co., Morgan Stanley , Bank of America Corp. and UBS AG subjected outside lawyers to greater scrutiny even before financial institutions were victims of cyberattacks this summer, people familiar with the matter said.