Your law firm’s partners may well be hesitant to invest in cyber security, but maybe that’s because the narrative needs changing. In this blog we’ll explain how cyber security investment shouldn’t be seen as a cost burden, but as a commercial enabler.
The cyber security landscape is constantly evolving, and law firms – like all organisations – need to adapt to survive the pernicious threats they face. The majority of law firms are all too aware of the risks they face, whether from rogue internal operators, ever more sophisticated email attacks, ransomware, or any number of other threat vectors that could – if exploited – result in serious financial, operational and reputational damage.
The threats are known, documented and evidenced. But the fact remains that even mentioning the word ‘cyber security’ in the boardroom can elicit eye rolls, shuffling in seats and muttered excuses to leave. Cyber security is viewed as a necessary evil, a distraction; something for the IT department to worry about. This needs to change if law firms are to survive and prosper in today’s hostile digital landscape.
In order to get buy in for cyber security investments, law firm IT Managers need to change the cyber security narrative from burden to opportunity. In this blog, we’ll take you through some ways you can do just that.
Introducing Agile Working Technology
Today’s law firms are increasingly looking to technology as a differentiator, especially after the upheavals experienced in 2020. The latest agile working technology enables efficient working practices and seamless client communication. This allows firms to attract leading talent and adapt to the evolving ways in which clients expect to be engaged with, all while driving efficiencies and, of course, maximising billable hours.
At Six Degrees we believe that the latest transformative technology is something to be embraced, and that the intelligent application of technology can help law firms overcome their business challenges while driving competitive advantage. However, by expanding the workspace and enabling your practitioners to work far beyond the four walls of the office, you are introducing potential risks that can only be mitigated by implementing robust cyber security best practices.
The equation is a simple one: in order to introduce the transformative technology lawyers and clients expect, the necessary investments need to be made to ensure the appropriate levels of protection are in place.
Navigating Supplier Risk Assessments
Your organisation has never been more reliant on supply chains to deliver products and services to your end users. Whether it’s legal technology, outsourcing functions like finance or marketing, or working with algorithm and data providers, your supply chain is critical to your law firm’s ability to remain operational and deliver high quality legal services.
Hackers know this, and will actively target organisations in your supply chain in order to disrupt your operations and gain a foothold into your environment. And even if they don’t target you through your supply chain, any disruptions to your suppliers resulting from a cyber-attack can cause significant collateral damage to you as a result.
Your clients will undoubtably want to carry out supplier risk assessments on your firm to ensure their supply chain security risk is minimised. These can be relatively onerous to go through if your law firm does not have the relevant accreditations in place. Achieving the likes of ISO 27001 and Cyber Essentials Plus can serve as testament to your cyber security credentials, becoming a commercial enabler as potential barriers to doing business with your firm are removed.
Reducing Insurance Premiums
The ever-increasing threat of ransomware is causing ripples in the insurance market, as insurers are becoming tougher with firms that suffer attacks. There has been an attitude in the past among some leaders that extensive cyber security provisions were not necessary, as insurance would pay out for any financial and operational – if not reputational – damage suffered as a result of a cyber-attack.
This attitude has quickly become outdated, as some major insurers have started announcing they will stop covering ransom payments. While many insurers continue to pay out for ransomware attacks, insurance premiums are inevitably set to rise to accommodate the increase in claims.
By demonstrating defence-in-depth in your cyber security posture and a cyber-mature employee base, your law firm can potentially reduce its insurance premiums – making money available to invest in other areas of the business.
Changing the Cyber Security Narrative from Burden to Opportunity
Ultimately, good cyber security practices enable an efficient and productive business environment: far from being the ‘Department of No’, effective cyber security goes hand in hand with your law firm’s ability to implement agile working practices that enable its financial, operational and reputational success.
In our new eBook, we demonstrate how your firm can introduce agile working practices that increase productivity, revenue and client satisfaction while operating in an increasingly hostile digital landscape that necessitates a robust cyber security posture to tackle cyber threats head on. Download it for free here.