Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
Cybersecurity Spending at Law Firms, Legal Departments Is Predicted to Increase in 2018
As law firms and legal departments finalize their 2018 budgets, many lawyers in both the United States and Canada plan to increase cybersecurity spending.
A recent survey from Robert Half Legal found that 41% of U.S. lawyers said that their law firm or company plans to increase spending on cybersecurity-related tools and services in the next 12 months.
“One of the key reasons that legal organizations are increasing spending is that legal organizations recognize they are a particular target for cyberattacks due to the high volume of sensitive information they maintain,” Jamy Sullivan, executive director of Robert Half Legal, told our ALM sibling Legaltech News.
“One can consider the significant volume of valuable client data they hold for companies and organizations of all sizes — intellectual property agreements, contracts, customer, supplier and financial information, research on potential corporate mergers, and evidence in potentially high-stakes litigation cases,” Sullivan added. “If this valuable and confidential information falls into the wrong hands, it could prove costly to a law firm as well as its clients, and also cause irreparable damage to brand and reputation.”
Therefore, Sullivan said that many organizations are placing a priority on enhancing data privacy policies. And given the “serious legal and ethics violations” that a law firm can face when losing “a client's confidential data to an attack,” a proactive cybersecurity strategy is “a commonsense strategy,” she noted.
What's more, heightened media focus on breaches and security threats is raising awareness of the importance of security protection. In response, Sullivan said that clients are “applying more pressure onto their legal counsel to safeguard their information.” These factors are leading law firms to shift greater attention and resources to address information security and escalating cyberthreat matters.
“Legal counsel have become integral to an organization's ability to develop and implement cybersecurity defenses that meet regulatory expectations and legal requirements and mitigate legal risks — as well as respond and manage legal issues when a security breach takes place,” Sullivan said. “Law firms and companies are making cybersecurity an important area of focus for their legal and IT [information technology] teams.”
In a related Robert Half survey, 35% of Canadian lawyers said that their law firm or company plans to spend more on cybersecurity-related tools and services in the next 12 months.
Gartner has released its own enterprise study that predicts global spending on cybersecurity will increase to $96.3 billion in 2018. That is an increase of 8% from 2017. Moreover, Gartner said that security testing, information technology outsourcing, and security information and event management (SIEM) are expected to be “among the fastest-growing security subsegments driving growth in the infrastructure protection and security services segments.”
*****
Ed Silverstein writes for Legaltech News, an ALM sibling of Cybersecurity Law & Strategy.
This premium content is locked for Entertainment Law & Finance subscribers only
ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS IN ENTERTAINMENT LAW.
- Stay current on the latest information, rulings, regulations, and trends
- Includes practical, must-have information on copyrights, royalties, AI, and more
- Tap into expert guidance from top entertainment lawyers and experts
Already a have an account? Sign In Now Log In Now
For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473
How Secure Is the AI System Your Law Firm Is Using?
In a profession where confidentiality is paramount, failing to address AI security concerns could have disastrous consequences. It is vital that law firms and those in related industries ask the right questions about AI security to protect their clients and their reputation.
COVID-19 and Lease Negotiations: Early Termination Provisions
During the COVID-19 pandemic, some tenants were able to negotiate termination agreements with their landlords. But even though a landlord may agree to terminate a lease to regain control of a defaulting tenant's space without costly and lengthy litigation, typically a defaulting tenant that otherwise has no contractual right to terminate its lease will be in a much weaker bargaining position with respect to the conditions for termination.
Pleading Importation: ITC Decisions Highlight Need for Adequate Evidentiary Support
The International Trade Commission is empowered to block the importation into the United States of products that infringe U.S. intellectual property rights, In the past, the ITC generally instituted investigations without questioning the importation allegations in the complaint, however in several recent cases, the ITC declined to institute an investigation as to certain proposed respondents due to inadequate pleading of importation.
The Power of Your Inner Circle: Turning Friends and Social Contacts Into Business Allies
Practical strategies to explore doing business with friends and social contacts in a way that respects relationships and maximizes opportunities.
Authentic Communications Today Increase Success for Value-Driven Clients
As the relationship between in-house and outside counsel continues to evolve, lawyers must continue to foster a client-first mindset, offer business-focused solutions, and embrace technology that helps deliver work faster and more efficiently.