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Security issues are cited repeatedly as the number one concern for law firms and most recently topped all other current trends. The 2015 ILTA TechSurvey revealed that nearly half of the 420 law firms surveyed identified security as the number one concern ' and with good reason. As reported in Legaltech News last fall, 80 of the 100 biggest law firms have been hacked since 2011. See, “Mid-Sized Organizations More likely targets for Cyberattackers.” This year, firms are estimated to spend more than $6.9 million or 1.92% of their gross annual revenues on information security. See, “Am Law 200 Firms Spending $7M on Cybersecurity Annually,” from our sister newsletter e-Commerce Law & Strategy (Sept. 2015).
Security concerns are a game changer. Not only are clients mandating increased security measures, they are requiring that these security measures be absolute and transparent. Management of your firm's technology and equipment assets now falls under the mandate of these security standards to which law firms must adhere.
Every firm is now beholden to know exactly what technology and equipment it has in its possession, its location, its lifecycle stage, and the established processes required to securely return and dispose of the assets at the end of its useful life. As security measures evolve, so will the rate of technology equipment refresh alongside it ' firms cannot afford the risk of deploying technology beyond its useful life.
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