It has long been a gripe among major clients – in particular banks – that law firms are the chink in the armour against the growing barrage of cyber attacks. In response, some of the world’s top law firms are banding together to form a cyber security alliance to share intelligence on threats, specific attacks and best practice.
Mobile technology has enabled today’s lawyers to be more responsive to clients’ needs than ever before but brings added risk of cybersecurity breaches. How are law firms coping with the threats?
Our recent risk management survey, published in March, provided an insight into the level of concern that breaches of IT and data security raise within law firms. Every year since 2008, our annual survey has identified IT/data security breaches as the most significant threat to law firms in terms of actual damage caused and the likelihood of that damage occurring. No firm has fallen foul of a serious reported breach to date but some anecdotal horrors recounting the blasé approach of some lawyers to holding sensitive client data on mobile devices suggests such an outcome is merely a matter of time.
Big data has been hailed as the next big thing to hit legal tech and has already become a force in US litigation. Legal Business assesses the prospects for the analytics-powered law firm
In 2011, McKinsey defined big data as ‘datasets whose size is beyond the ability of typical database software tools to capture, store, manage and analyse’ and hailed big data analytics – applying algorithms to crunch together numbers from disparate sources to uncover new correlations, patterns and trends – as ‘the next frontier for innovation, competition and productivity’.