The threat of cyberattacks in the legal and compliance space

As per the American bar association in 2021, 17% of lawyers who work individually and small U.S. firms 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.

Data security is key

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:

  • Data encryption for stored data as well as data in transit (e.g. e-mails).
  • Software and hardware firewalls to protect against malware and phishing.
  • A focus on GDPR/CCPA compliance.
  • Two-step authentication for accessing sensitive data.

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.

What Cryptomathic has to offer

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:

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