As per the American bar association in 2021, 17% of lawyers who work individually and small U.S. girls with 2-9 attorneys, and 35% of firms with up to 50 attorneys reported having faced some kind of cybersecurity breach, including loss of sensitive data. The sector is particularly susceptible to cyberattacks as they often deal with highly personal and sensitive data, including financial information. The facts speak for themselves, in a report compiled by U.S. legal support the average cost of a data breach in the sector in 2021 was a staggering 4.2 million USD, a 17 year high. Despite this, alarmingly only 43% of firms use file encryption and less than 40% rely on two-factor authentication.
As more and more processes undergo digitalization, the apparent lack of cybersecurity protocols or compliance in the sector is worrying. During 2021 lawyers reported a lax attitude to compliance with basic cybersecurity practices. Although most agree that topics such as data security and confidentiality are important issues, the majority do not invest in adequate data storage and security solutions either onsite or in the cloud. Considering that the average weekly cyberattacks per organization in the legal sector were up 68% in 2021, there is a clear indication that legal firms need to invest more in sound data security and compliance with standard best practices.
For any legal and compliance company looking to invest in their data security setup, here’s a quick checklist of what features to invest in:
However, even if a company invests in all this, the most vital thing is to actively educate staff. In its report, IBM found that 95% of all data breaches across industries are a result of human error. Therefore, regardless of what security systems are implemented, it is imperative to invest in training and upskilling of staff.
As a leader in strong cryptographic technology solutions, Cryptomathic understands that law firms and other legal companies are on the lookout for digital solutions that provide the utmost data security for sensitive information and are compliant to regulatory requirements (e.g. GDPR). Therefore, we provide law firms with the best-in-class, realizable and modular solutions in the field of mobile app security, key management, qualified electronic signing, and crypto-agility.
We at Cryptomathic prioritize your security, which is why we offer a host of products and solutions specifically designed to meet your data security and compliance needs. Our solutions aim to give you peace of mind to focus on your business, by establishing trust both within your organization and among your customers.
Cryptomathic’s solutions are aimed at addressing requirements for:
"With Cryptomathic’s issuing and authentication solution, Elan is now providing an integrated solution that delivers the end-to-end EMV environment, from card issuance to payment authorization. This is a great benefit for Elan and our clients - improving efficiency and security while achieving compliance."
"Previously, our clients had to print, sign and send documents manually for compliance reasons. Now they can do it in a smart, easy and time-saving way. Thanks to the Cryptomathic Signer solution they can sign their contracts digitally in e-Banking – while meeting all legal and compliance requirements."
“CSG has enabled us to accelerate the delivery of crypto applications while generating financial and effort savings.”
“Cryptomathic’s solution has enabled Swedbank to meet its compliance requirements and significantly reduce the cost of key management to security operations.”
“Initially selected as a technology supplier, Cryptomathic is now a key partner for the ongoing development and expansion of our strong authentication and digital signature service portfolio. Cryptomathic has been more than capable of understanding our market requirements and together, we are now taking the additional step of launching an innovative offering in mobile security”
“We are delighted with the service provided by Cryptomathic in delivering a robust, flexible and future proof authentication solution for the Open24 channels. We got exactly what was promised on day 1 and customer feedback has been good.”
“We chose to partner with Cryptomathic for its market-leading position and unrivalled experience in this field. The CardInk solution offers First Data and our clients the security, flexibility and scalability required in today's rapidly evolving payments market.”
“Cryptomathic CardInk has been chosen as the only external element to the MasterCard Mobile Over-the-Air Provisioning Service, as it provides MasterCard with an industry-leading data generation solution, which is highly secure, efficient and scalable to future programme requirements.”
At the leading edge of security provision within its key markets, Cryptomathic closely supports its global customer base with many multinationals as longstanding clients.
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