Help

BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.

To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.

To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.

Login Register Subscribe

Data breach costs not assessed at most law firms: Survey

Reprints

The vast majority of law firms view cyber security as one of the top 10 risks in their overall risk strategy but still have not assessed the potential cost of a data breach, says a survey.

“Any unintended release of information related to an intellectual property or prominent legal case can be disastrous for law firms and their clients, potentially hurting business transactions, halting mergers and acquisitions and damaging relationships forever,” says the survey of 50 law firms conducted by Marsh L.L.C. in August 2014 and released Thursday.

But the survey found that while 79% of respondents view cyber security as one of their top 10 risks, 72% said their firm has not assessed the cost of a data breach based on the information it retains.

Among other survey results, 41% said their law firms have not taken measures to insure their cyber risks, another 10% of respondents said they do not know if their firm has done so, and 62% have not calculated the effective revenue loss or extra expenses incurred during a cyber attack.

A total of 98% of respondents have secure redundant sites such as offsite data vaults and servers, and almost 75% have internal controls in place to detect noncompliance with privacy policies, according to the survey. But 67% rely on outsourced vendors for their information technology needs.

“Recent cyber incidents have revealed that exposure to third-party suppliers and vendors has been a weak link in a corporation’s cyber defenses, often allowing unauthorized personnel to obtain valuable information,” the survey report says.

Read Next