Last updated on June 19th, 2023 at 12:26 pm
According to the World Economic Forum(WEF) 2018 Global Risk Report, cyber attacks are considered the 3rd largest global threat. It is estimated that cyber crimes cost the global economy $ 600 billion a year and is expected to cost the world $ 6 trillion annualy by the end of 2021.
The legal industry is one of the top targets of the hackers thanks to the sensitive nature of the data and the sheer volume that they possess about their clients businesses world over. They possess a wealth of client information, along with trade secrets and intellectual property details. Any unauthorized access to this data is illegal and liable for punishment as per laws of various countries. There are various ways in which these data breaches can occur-theft, forgery, infecting systems with malware etc. The pandemic has only heightened the risk of data breaches that could expose corporations to a liability, so its imperative that steps are taken to mitigate these risks. Cyber security measures help in data protection by blocking unnecessary and unauthorized personnel from accessing this sensitive data. No matter how big or how small your firm is cyber security is a must. Cyber security vulnerabilities pose serious risks such as business interruption, low productivity, damage to reputation, loss of clients due to loss of competitive advantage, retention of key attorneys, and of course profits.
The steps a law firm should take to protect against cyber attacks include:
Promote a culture of culture of cyber security awareness
It may be worth considering establishing an employee training program that teaches staff how to spot fake email addresses, secure passwords, and effectively stop threats before they become a serious problem. When people understand the various types of cyber attack they may come across then they can mitigate risks more proactively.
Fight the battle with the right tools
Law firms should always be prepared to respond to the cyber incidents. Law firms across the globe are now turning to Virtual Data Rooms to address their pressing data concerns. Securing data through the cloud is the first and most important step that a law firm needs to take. By using cloud storage, the authorized personnel can access all the relevant documents and data from anywhere in the world, from a device of your choice.
Secure passwords and multi-factor authentication allows only authorized personnel to access them
Have role based access permissions
End-to-end Encryption secures your data completely whether in storage or in transit.
Have back-up systems that can help restore data quickly
Hiring third-part consultants for assessing security measures
One of the latest trends in law firms is to hire third-party experts to conduct assessments of the firms security measures, and suggest remedies in case on any non-compliances or lacunae in the cyber security measures.
Continuous monitoring by establishing cyber security policies and processes
Continuous monitoring is a must. It’s a technique that can never be done away with if you are to protect yourself from any outside attacks, even cyber attacks. Develop policies that clearly state hoe data flows within the organization and outside, who has the authority, what is the duty, the liability of the concerned officials and complete adherence to the data security protocol. Don’t assume that your tech will automatically take care of your firms security, it is the proper implementation and use of technology that will help your firm protect itself from cyber attacks.
Data audit tracking
It automatically tracks and records all the activity in the data. The audit trail provides you complete details about who logged in, at what time, for how long, which documents were accessed, whether any changes were made, if so what were the changes and who made them, if any data was downloaded or transferred then who down loaded or transferred the data. So the audit trail allows you to keep a complete check on accesses to your data.
Cyber insurance
With data breaches and cyber threats increasing, cyber insurance is a given. Cyber insurance should be an important aspect of our cyber security plans. Many insurance covers do not cover data breaches, so choose your cyber insurance plan prudently. If a firm develops and implements its cyber security playbook properly, cyber security can easily be developed into a competitive advantage. The right amount of foresight and insight dedicated to cyber security planning can go a long way toward protecting your firm from security breaches, career-killing problems and the very real possibility of going out of business.
The Confiex team specializes in providing premium virtual data room solutions tailored for businesses. With their vast experience in working with document sharing platforms, they have been actively supporting the Virtual Data Room community since 2015 by offering valuable information to users free of charge.