Why investing in data security is a must for law firms
An advocate’s hard drive can offer potential security threats to confidential data. With the advancement of technology, cyber threats of ransomware and hacking are the top concern.
Advocates handle a lot of sensitive information for their clients. This confidential information can also be a useful resource, if reached by the hands of the opposite party. A hard-drive, thus cannot be a safe place to store case related information. The advancing cyber threats like ransomware, viruses and hacking have also seen a sharp rise in the recent times.
Starting from intellectual property to other digital assets like trade secrets, a law firm is a data mine for hackers. Although it can seem expensive, law firms do well to invest in the data security for their clients. There are a handful of risks that can be prevented through innovations. Hence, the proper application of preventing actions using cybersecurity is the only way to go.
- Information Ransom
In the last few years, there have been more and more data security breaches and threats worldwide. According to the American Bar Association (2019) Survey, 26% of law companies encountered at the least one cybercrime.
- Insider Trading
96% of IT companies think that their information and legal software are at stake in cybersecurity threats. Workers and third parties are responsible for insider trading. This issue is more alarming as insiders are aware of the ins and outs of the company’s security system. Attacks from within the enterprise can be in any form:
# Personal Gain
- Cyber Attack
There are as many as 7 companies that have suffered cyber attacks in 2020. Hackers planted malware by hijacking the credentials of the clients. This way, they easily gathered personal information from the law firm’s clientele by hacking the servers of the companies.
- Data Breaches
Data breaches often occur when hackers crack passwords and other secret codes. This method then becomes an easy doorway to steal personal information.
Why Does Data Security Matter?
The growth of cyber threats should be a reason in itself to step-up the security services in law firms. It then becomes a necessity to ensure that the user information and documents are safe and protected. According to the American Bar Association Survey Report, 30.7% of law companies and 62.8% of Big Law firms claimed to have received security services for various clients. Having un updated security and a robust cyber space infrastructure are critical to any law firm that visions grow and expand
How to provide complete security?
Following are some operations that can aid law firms to provide proper security services:
- Performing Background Checks: Whenever a new person gets hired, the companies should check the previous experience, resume, professional career, and background of that worker.
- Identifying Sensitive Data: Companies have to look at multiple applications of lawyers and various documents. It becomes hard to quite identify the vulnerable documents. Payment, other financial information and various non-disclosure agreements should get prevented from malware.
- Encryption: It is always advisable to encrypt personal data and information so that hackers and cybercriminals find it hard to break. But in case they breach encryption, it has to be made sure that the encryption gets maintained 'in rest' and 'in transit' for compact protection.
- Verification: Most of the time, hackers get credentials and access to log-in to some devices or accounts. So, it is the responsibility of a security service to verify every time someone logs-in to someone’s account.
- Managing Access: Law companies should make sure that only the trusted employees get access to secret information. It is their responsibility to manage the accessing service to the employees.
- Proper Monitoring: Weekly or monthly monitoring by the HR Committee can lead to more safety. In case, there is any suspicious activity; it should be noted and resolved.
In this way, we can provide a safe, secure environment to the clients.
Role of Provakil
At Provakil, we performs all the data security implications that we discussed above. We are a newly based legal software management company; which helps enterprises with all aspects of legal work such as applications for lawyers, digital contracts, litigation, compliance, and intellectual property requirements. We have curated a SaaS platform equipped with advanced Machine Learning and Artificial Intelligence applications and legal software. Our security services have been tried and tested by our clients.
This article has described the data security issues for law firms and why it is a matter of importance in the current world. We also had a look at some key topics and under these safety measures that need attention.
If you are interested in knowing how we can help ease out legal operations for you, get in touch with us.
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