THE GROWING ISSUE
Cyber security has never been a bigger issue than it is in 2019. All research shows that cyber attacks are on the rise. In our evolving technological landscape, cyber hackers are the biggest current - not future - threat that faces businesses today.
In the first nine months of 2019, there were 5,183 reported data breaches resulting in 7.9 billion exposed records. That's an increase of 33.3% in breaches and 112% in total records over the same period in 2018.
A recent report also showed that professional services - mainly CPAs and law firms - have been targeted by cyber attacks more than any other industry in 2019.
WHY ARE LAW FIRMS A BIG TARGET?
Today, nearly half of all cyber attacks are targeted at small business, and with fewer resources to dedicate to cyber security, small business has become a big target for hackers. More than 90% of U.S. law firms fall in the small business category, meaning today’s legal offices have never been at a higher risk of attack.
1. Most law firms aren’t large enough to have the resources to staff a robust IT department.
2. Law firms carry an extraordinary amount of confidential client legal, financial, or even medical information.
3. Today’s world requires lawyers to be on-the-go and able to work from anywhere. While remote access to client info is necessary for efficiency, it can create problems for security.
The combination of these three factors creates the vulnerabilities that hackers see as opportunity and try to exploit.
WHAT IS AT RISK?
While ransom amounts have increased to an all-time high, the ransom payment is not actually the biggest concern for law firms. It’s the data and the downtime.
Even after paying a ransom, 72% of businesses can’t access their data for 2+ business days, and 32% can’t access for 5+ business days.
Many businesses can get by without business data for a week or more, but in the legal world, not having access to client files for 5 or more days could be the difference in a winning or losing trial.
The downtime risk for lawyers is huge.
With all the different ways that hackers can try to attack a law firm, there is no single solution that will keep you safe from everything. Your firm should be using a Defense in Depth solution that layers security to stop attacks at various levels.