Our own Helen Geib has launched a new cyber blog series #GeibGetsGritty on High Performance Counsel. In this series, Helen explores the real, significant and immediate threat of cyberattack for the legal industry. The first piece in the cyber series is now available on High Performance Counsel.
Excerpt from #GeibGets Gritty on High Performance Counsel
The legal industry is under attack – cyberattack. The threat is real, significant and immediate.
Consider the costs of a data breach:
- Downtime/loss of billable hours
- Loss of reputation
- Consulting fees to security experts
- Corrupted or lost files
- Breach notifications
- Hardware and software replacement
Most readers will be familiar with the fate of Mossack Fonseca of “Panama Papers” infamy. In 2017, several foreign nationals were charged with insider trading after hacking as many as 48 law firms handling M&A matters. The same year saw a major multinational firm, DLA Piper, institute a temporary network and phone system shutdown because of the global Petya ransomware attack.
The headline makers are just the tip of the iceberg. In a survey for the ABA 2018 TechReport, 23% of lawyers reported their firms had experienced a data breach at some point. There are undoubtedly more who have been hacked, but just don’t know it.
Think it’s a Big Law problem? Adjusted for firm size the percentages are higher for mid-sized and small firms.