The Cloud, Cyber Crimes, and Your Firm: Are You Protecting Your Clients?
Every day, at least 4,000 incidences of cyber crimes occur — that equates to 170 attacks per hour, or three per minute. The numbers are enough to worry anyone who is running a business, but especially for law firms, whose foundation is built on their clients’ inherent trust.
Unfortunately, some firms do not find these statistics troubling. Many do not realize they have been compromised until the attack occurs. Once the breach is too extensive, only then will they realize the damage and seek help.
According to Town Title Agency, a title insurance company in New Jersey, law firms are one of the top targets of cyber criminals due to trade secrets, valuable client data, and other sensitive information. As the tools for cyber crimes become more efficient and sophisticated, firms will be repeatedly attacked for their information.
If you’re not careful, you could be next.
The Risks: Money and Confidentiality
Since 2011, 80 out of the country’s top 100 law firms have been victims of cyber criminals. The American Bar Association’s 2015 Legal Technology Survey Report also reveals that 15% of law firms have experienced data breaches.
Cyber crimes result in substantial and costly consequences. In 2016, the total costs of organizational data breaches reached upwards of $7.01 million. Each compromised record can cost your firm at least $221 — a painful hit for your organization’s funds. For bigger law firms, breaches are major burdens, but for smaller businesses, it can destroy their very core.
Apart from the monetary consequences, your firm’s reputation is also at stake. Since your business is built on trust and confidentiality, stakeholders expect your team will protect every valuable information — client details, specific case details, and firm correspondence.
A breach might destroy your firm’s image of confidentiality to your clients.
What Can You Do?
Don’t let investments go to waste. Protect your firm from outside attacks by having multiple partners secure systems and networks. Also, all employees should be knowledgeable about good cyber security protection practices (e.g., different passwords for systems, habitual changing of passwords, and not relying on the cloud). Finding security experts can also make a difference in your firm’s security plans.
Protect your clients by protecting the firm first. Do not take cyber crime lightly to ensure seamless operations.