The Story
Law firms are attractive targets for hackers. They may have access to a company’s most valuable information, such as trade secrets, intellectual property and sensitive client information. They also serve as an intermediary when large sums of money are being transferred between parties.
Growing use of technology means the consequences of cyber attacks become more damaging. Information can be accessed from anywhere in the world and hackers are harder to track. The importance of adequate cyber security measures is only going to increase.
Impact on Businesses and Law firms
Sometimes, education is the best preventative measure from a cyber attack. For example, phishing attacks, which is the most common cyber attack facing the legal profession, involves hackers impersonating people, such as lawyers or clients, in order to access money or sensitive information. The best line of defence is to train lawyers when to spot fraudulent emails and dodgy attachments.
However, no matter what law firms do, they can’t completely escape the risk of a cyber attack. That’s why what matters is how law firms respond if a breach does happen. That means putting processes in place so they can respond to a breach quickly, for example, hiring forensic investigators, informing affected clients, checking insurance coverage, drafting regulatory notifications and identifying legal obligations. The GDPR, for example, means law firms now have to report a breach within 72 hours or they could face serious fines.
Not all law firms will face a breach, but if they do, it could be one of the greatest threats a law firm can face. The integrity of their service rests on their ability to handle sensitive disputes and confidential deals. Lose that, and the reputational costs could be significant.
By Jaysen Sutton
