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The cybersecurity stats and facts are adding up. A few years ago IT security was a minor inconvenience and extra investment, according to the team at Adam Smith, Esq:
“It’s not necessarily about who wants your stuff….But the danger to a law firm is not just about your data “stuff,” it’s also about keeping your law firm running and your lawyers and staff working, and of course – it’s about your reputation.”
It’s not just law firms either.
While regulation and compliance are still at the top of the CLO priority list, “last year’s rash of cyber incidents took its toll,” according to InsideCounsel and citing The General Counsel Excellence Report 2015. The article notes the “survey found that 31 percent of GCs are concerned with cybersecurity and privacy, which ranks third only to increased regulatory scrutiny and creating value for the company as top concerns.”
More recently, a study by Verizon “found that a company’s legal department is among the ones that are ‘far more likely to actually open [a phishing] e-mail than all other departments,’” according to attorney Karen E. Rubin, in a post on Lexology, a blog by Thompson Hine LLP.
Security Predictions Legal Experts Made Last Year
At the end of 2014, several industry watchers offered legal industry predictions related to cybersecurity. These included:
1. Cybersecurity lateral hires.
“Law firms will mine boutique law firms for cybersecurity lateral partners.” – Michael B. Rynowecer | BTI Consulting.
2. Part of the New Normal.
“Network security breaches are going to be a mainstream problem, but the solutions will become more mainstream in 2015. As firms begin to renew their 2015 insurance policies, they should expect that this will be a discussion topic with their insurance brokers. If they don’t get such a discussion, they should seek it out – security breaches are here to stay.” Jon Schildt | Calculated Risk Advisors, LLC
3. GCs take Note.
“I anticipate that the general counsel of large companies will increase their focus on data-breach risk significantly in 2015.” Paul Mandell | Consero Group, LLC
4. Worst Case Scenario.
“A prominent law firm will experience an embarrassing, expensive and damaging data security breach. Client data will be circulated, litigation will result and the reputation of the firm will be irreparably harmed when their lack of protection becomes apparent.” Lee Rosen | Rosen Law Firm
5. Outsourcing Security.
“With the focus on data/information security on the rise and driving needed attention on law firm environments, I expect we’ll see more firms outsourcing in 2015. They’re asking themselves, “Why should I host and manage all of these applications and data when I can get an expert to do it and satisfy my clients need for an ultra-secure legal data environment?” In 2015, more will move to an outsourced model.” Michael Lipps | LexisNexis
6. Security as a Condition of Engagement.
“There will be a major law firm data breach which will open the conversation about law firm technology in general, and digital security in particular. Corporate clients will begin to drive change by conditioning the award of work on the successful performance of digital security audits by outside law firms. Ripple effects will extend throughout law firms of all sizes, causing them to augment their technology and security protocols as clients start to demand stronger performance in this area.” Erik Mazzone | NC Bar Association
7. Dominates Legal Tech News.
“The future of the legal industry depends upon the adoption of technology by lawyers, and 2015 will accelerate the trend. Wearable computing, wireless and mobile connections, and preoccupation with data security all will dominate legal tech news.” Richard M. “Rick” Georges | Future Lawyer
Infographic: Impact of Cyber Security on Legal
The infographic posted nearby, lays out cyber security data in more detail, along with how the market is addressing the matter and key steps for data security in the legal industry.
The infographic was firms published by Legaltech News in a comprehensive article titled: Heightened Risk of Cyberattacks Puts Pressure on Law Firms to Bolster Defenses.
It is this week’s Friday Share.
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