Dive Brief:
- Roughly four in 10 law firms report that they have experienced a security breach in the last year, according to a report.
- The consequences of these breaches have included the loss of confidential client and other internal data, and damage to their law firm’s reputation, survey respondents said.
- Overall, 97% of survey respondents said their firms have some level of protection against cybersecurity threats, but only 26% believe that their firm is “very prepared” to respond to such incidents, said the report from Above the Law. The report was produced in partnership with the cybersecurity company Arctic Wolf.
Dive Insight:
While 39% of survey respondents said their firm experienced a security breach, the number might be higher in actuality because a firm may not have known it was under attack, the report said.
The security breach findings come as ransomware incidents increased by 46% in the first half of 2023 compared to the same period in 2022, according to data collected by Arctic Wolf.
As for those survey respondents whose law firms experienced a security breach, 56% said they experienced a loss of confidential client data.
Another 44% said their firm saw the loss of their cybersecurity coverage or their insurance premiums rise and 42% experienced brand or reputational damage.
Nearly six in 10 survey respondents said their law firms had at least one employee dedicated to full-time information security. However, 10% said they had no personnel monitoring cybersecurity and 27% said they had no specialized employees.
The tech decision-makers surveyed said improved training and technology would help their firms become better prepared to address cybersecurity threats.
“The findings of this survey show that law firms are indeed aware of the critical importance of cybersecurity preparedness,” the report said. “But the results also suggest that law firms’ actions may not measure up to the gravity of the challenges they’re facing.”
The report’s findings were derived from a survey Arctic Wolf conducted last year of more than 160 individuals responsible for technology decisions in the legal industry.
