Cybersecurity is a Must-Have Service for Law Firms: Here’s Why
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Have you ever considered how much confidential information your law firm handles on a daily basis? Client data, case files, contact lists, financial records… the list goes on. Now imagine if that sensitive data fell into the wrong hands. The consequences could be devastating – for your clients, your firm, and your reputation. That’s why cybersecurity is such an important service for law firms of all sizes. Here are some of the reasons why you can’t afford to go without it:
Data breaches are becoming more common.
According to the 2019 Cost of a Data Breach Report from IBM Security, the average cost of a data breach globally is now $3.92 million. And that number is only going to continue to rise as cyberattacks become more sophisticated.
Small businesses are increasingly targeted.
While large corporations may be the first to come to mind when you think of data breaches, small businesses are actually becoming more of a target for hackers. In fact, 43% of cyberattacks target small businesses, according to the 2018 Verizon Data Breach Investigations Report.
You could be held liable.
If your law firm suffers a data breach, you could be held liable for any damages caused – even if you’re not at fault. That’s why it’s so important to have cyber liability insurance in place, which can help cover the cost of a data breach.
It could ruin your reputation.
If confidential information about your clients falls into the wrong hands, it could ruin your reputation and cost you business. In fact, a study by the Ponemon Institute found that the average cost of a data breach to a company’s reputation is $4.8 million.
Your clients expect you to be secure.
In today’s digital world, clients expect their law firms to be using the latest security technologies. If you don’t have robust cybersecurity measures in place, they may take their business elsewhere.
Your systems are vulnerable.
Cybercriminals are targeting all types of systems, from networks and servers to point-of-sale devices and mobile devices. If your systems aren’t adequately protected, they could be easy prey for hackers.
It’s not just about prevention.
Cybersecurity isn’t just about preventing data breaches – it’s also about being prepared if one does occur. You need to have a plan in place for responding to a data breach, including notifying affected clients and the appropriate authorities.
It’s an investment in safety.
The cost of cybersecurity may seem like a lot up front, but it’s an investment in the safety of your firm and its clients. And with the potential consequences of a data breach, that’s money well spent.
There’s no question that cybersecurity is a must-have service for law firms. The risks are simply too high to go without it. If you’re not already using a law information technology services provider that offers cybersecurity, now is the time to make the switch. With the right provider in place, you can rest assured that your firm’s confidential data is safe and secure.
