Few law firm have taken into account the financial impact of a cyber incident on their firm. According to insurance company Marsh, more than 60 per cent of firms surveyed had not worked out what revenue would be lost if they suffered a denial-of-service attack. Meanwhile 72 per cent said their firm has not assessed how much a data breach would cost them due to the kind of information it retains.
Top risk
Almost 80 per cent of respondents consider cyber/privacy security to be one of their firm’s top 10 risks, while more than 40 per cent of those surveyed would place it even higher — as one of their top five risks. In 2011 cybersecurity firm Mandiant said 80 per cent of the largest 100 law firms had been hacked. The latest research reveals seven per cent of respondents said they had been subject to a successful cyber-attack in the last three years. Furthermore, one in two said that their law firms either have not taken measures to insure their cyber risk (41 per cent) or do not know (10 per cent) if their firm has taken measures. Source: Marsh
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