In the first century A.D., Decimus Juvenalis, a Roman poet, observed that information is priceless. "All wish to know but none wish to pay the price," he wrote. Information, of course, isn't always for sale, but there's no limit on the amount of information that can either be stolen or distributed, either deliberately or mistakenly.
With IT security breaches on the rise, businesses that do not take proactive precautions to protect sensitive information run the risk of losing their reputations and clients and can suffer incalculable financial losses.
"The risk [of not implementing a network or data security strategy] is extremely high, as law firms deal in highly confidential information and have strict ethical obligations about how they handle and secure client data," said Craig Carpenter, general counsel at Recommind, a provider of information risk management software. "If they suffer from a security event (e.g., hacker attack, phishing attack, stolen or misplaced data, etc.) that could and/or should have been prevented, they can suffer serious reputational and financial ramifications. Most law firms take the threat very seriously -- but the downside is so significant that it cannot be ignored."
Many legal professionals are under the impression that their organizations have implemented IT strategies and corporate processes to ensure that information does not fall into the wrong hands. While some law firms make sizeable investments in IT infrastructure to keep hackers and other external threats out of the corporate network, others play a game of roulette because they are either too busy or lack the technical knowledge to implement a data security strategy.
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Source: law.com
By: Kevin Woo
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