Cybersecurity Both a Threat and Growth Opportunity for Law Firms
ALM Intelligence’s Cybersecurity Research Report Provides Analysis & Best Practices to Help Legal Industry Combat Hackers and Protect Client Data
New York, N.Y.—October 17, 2016—ALM Intelligence’s second annual Law Firm Cybersecurity Report found that vulnerabilities in law firms’ data security present an unprecedented existential threat, while increasing corporate demand for legal expertise in information security, compliance and incident response provides an emerging revenue growth opportunity. The report, Cybersecurity and Law Firms: Defeating Hackers, Winning Clients, is available online at http://at.alm.com/almintelligence-cybersecurity.
The report includes input from law firm leaders discussing challenges facing their respective firms, as well as the solutions and processes they have initiated. The study also utilizes survey research findings and ALM Intelligence’s proprietary law firm financial and demographic data.
“Many firms’ confidence in their own cyberattack preparedness seems misguided. Our research indicates that most remain surprisingly unprepared for the threat,” says Daniella Isaacson, co-author of the report and ALM Intelligence Senior Legal Analyst. “For example, many never test their cybersecurity protocols. This means that on the day of a breach, those firms are using an unproven response plan.”
Fellow Senior Legal Analyst and co-author Steven Kovalan adds, “On the flip side, the opportunity cybersecurity represents for law firms is growing rapidly. Within the Am Law 200, the vast majority of firms have created a dedicated cybersecurity practice. However, the scarcity of cybersecurity talent calls into question the legitimacy of these practices, and indicates that many firms are marketing themselves around a nascent skillset that they may not be able to deliver.”
The Cybersecurity and Law Firms: Defeating Hackers, Winning Clients report highlights ALM Intelligence’s research findings related to law firms, including:
- More than 70% of firms report that their clients have exerted pressure on them to increase internal data security;
- Law firms are more confident than ever in their ability to withstand a cyberattack;
- Many firms have failed to build out partnerships and protocols that would provide dependable protection and robust response to a data breach;
- Worse, more than 50% do not regularly conduct fire drills to test the efficacy of their plans;
- More than 85% of Am Law 200 firms identify as having a practice group dedicated to issues of data privacy and security;
- More than 40% of firms with a cybersecurity practice group expect to grow their headcount in the next year.
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