Data protection and product liability are the biggest risks facing general counsel in central and eastern Europe (CEE), according to a new report on the key concerns for in-house lawyers doing business in the region.

CEE is rich in opportunity, but is not without its challenges. For this report, Legal Week partnered with CMS to gather the views of more than 40 in-house counsel, examine the region's business potential and look at how companies are mitigating risks.

While the survey saw respondents rank issues including data protection and product liability as the greatest risks for businesses in the region, areas such as government investigations and regulatory compliance were also considered high risk.

The survey also found that Hungary was seen as the most problematic country in terms of managing sociopolitical risks, followed by the Czech Republic, Bulgaria and Romania, despite increased levels of foreign investment in those countries.

BAE Systems group GC Philip Bramwell said: "It is not easy to justify investing in an uncertain political and economic climate. Regulatory burdens are increasing across the board and these will tend to drive additional cost into goods and services. There will be no shortage of issues for general counsel to contend with over the next two to three years."