Law Firms And The Challenge Of Cyber Security
Law Firms And The Challenge Of Cyber Security: Cyber vulnerabilities of US based law firms have raised a lot of questions. As client cyber security audits are becoming the new norm for law firms one of the US Company has predicted that the share of audited law practices will raise to 60% by the end of 2018. Clients are becoming increasingly aware of the risks that law firm data breaks pose to their trade secrets, intellectual property and other critical and confidential information. Law Firms when do not prove that they are keeping client data safe, risk losing their business.
Law firms should keep their self up to date with the resources that provide insights and guidance which can help law firms with their cybersecurity planning and client audit preparation.
In Cloud-Based Security: Common Sense for Law Firms, the author highlights how attorneys handle their client’s most valuable documents and data, like divorce settlements, intellectual property, witness depositions, tax returns, M&A meeting transcripts or due diligence reports. About 90% of Fortune 500 companies are using the cloud today which law firms can follow.
Digital transformation and a focus on cybersecurity are no longer optional but compulsory for law firms that want to stay relevant. Law firms face the challenge of limited number of qualified IT candidates.
US Association of Corporate Counsel (ACC) earlier this year published data on retention, return, destruction, data handling and encryption, data breach reporting, physical security, employee background screening, and cyber liability insurance. ACC represents more than 42,000 in-house counsels in 85 countries. Its guideline on manual, Model Information Protection (MIP) and Security Controls for Outside Counsel (SCOC) possessing Company Confidential Information (CCI) was published to set benchmarks for the safe handling of corporate data by law firms. More corporate law departments now conduct data security reviews and checks when they retain a new law firm.
So a lawfirm can equip themselves with better technologies using available resources and guidelines to gain the trust of corporate clients in securing their data.
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