Cyber threats are on the radar for most law firms in their overall risk management, yet many lack in their preparedness against a significant event, Marsh's 2014 Global Law Firm Cyber Survey reveals.
For law firms, protecting the confidential data of clients and the firm is imperative as any unintended leak of information related to intellectual property or a prominent legal case can be disastrous. A security breach could potentially harm business transactions, halt a pending merger or acquisition, or damage relationships. Furthermore, firms could face financial burdens associated with the expenses following a breach. First-party costs can mount from notification expenses, business interruption issues, or preparing a regulatory defense.
It is no surprise that 79% of survey respondents view cyber and privacy security as one of their top 10 risks in their overall strategy, and more than 40% of those would place it as an even more critical threat, listing it as one of their firm's top five risks.
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