Legal Services Market Trends

Law firms are one of the industries that are having a hard time staying competitive in today's cyber world. Law firms have a significant amount of sensitive information regarding their clients, not only in terms of personal data but also in terms of other sensitive information, such as confidential corporate data, trade secrets, M&A data, medical data, and more. So, if a law firm is hacked, the firm’s reputation and revenue are at risk, particularly if data is compromised. For instance, global weekly cyberattacks increased by 7 percent in the first three months of the current year compared to the same period last year. On average, organizations endured 1,248 cyberattacks per week in the first quarter of this year. A law firm or an insurance provider was targeted in one in every 40 cyberattacks. According to an American Bar Association survey conducted last year, more than one-quarter of law firms reported a data breach, a 2 percent increase from the previous year. Therefore, as law firms handle vast amounts of confidential client data, information, and money, they’ve become an attractive target for hackers over the years. However, many businesses have “understandably weak information security policies and procedures.”