"Many firms' confidence in their own cyberattack preparedness seems misguided. Our research indicates that most remain surprisingly unprepared for the threat," says Daniella Isaacson, co-author of the report and ALM Intelligence Senior Legal Analyst. "For example, many never test their cybersecurity protocols. This means that on the day of a breach, those firms are using an unproven response plan."
Fellow Senior Legal Analyst and co-author Steven Kovalan adds, "On the flip side, the opportunity cybersecurity represents for law firms is growing rapidly. Within the Am Law 200, the vast majority of firms have created a dedicated cybersecurity practice. However, the scarcity of cybersecurity talent calls into question the legitimacy of these practices, and indicates that many firms are marketing themselves around a nascent skillset that they may not be able to deliver."
The Cybersecurity and Law Firms: Defeating Hackers, Winning Clients report highlights ALM Intelligence's research findings related to law firms, including:
- More than 70% of firms report that their clients have exerted pressure on them to increase internal data security;
- Law firms are more confident than ever in their ability to withstand a cyberattack;
- Many firms have failed to build out partnerships and protocols that would provide dependable protection and robust response to a data breach;
- Worse, more than 50% do not regularly conduct fire drills to test the efficacy of their plans;
- More than 85% of Am Law 200 firms identify as having a practice group dedicated to issues of data privacy and security;
- More than 40% of firms with a cybersecurity practice group expect to grow their headcount in the next year.
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