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The UK NCSC, Bar Council and Law Society are warning the UKs 32,900 law firms they are a target for hackers and a target for nation state hacking groups. Law firms hold of sensitive client data, processing of large amounts of cash and larger firms relationships with nation states make law firms an ideal target for hackers.
Cyber also provides law firms with an opportunity. Cyber regulation in the U.S and EU will require companies across many covered sectors to comply to cyber regulation or risk civil or criminal penalties. Clients of law firms will require regulatory compliance advisory services, as cyber moves ‘Left of Bang’ on to their balance sheets.
Spending on cyber by law firms was on average around 0.46% of fee income in 2022. It is difficult to say whether this is enough, what we known is that nation state cyber groups are persistent and adapt quickly to new opportunities. Professional service firms will need to adapt accordingly. With the increase in cyber regulation and planned enforcement actions in the U.S, we are starting to see the larger U.S law firms developing specific vertical cyber practices. One wonders if it is an indication there are opportunities for law practices addressing ‘Left of Bang’ regulatory compliance and ‘Right of Bang’ incident response? As regulators pursue regulatory enforcement of cyber.
Ted Dziekanowski Rachel V. Rose, JD, MBA Stephen Pitt-Walker, JD, FGIA Jamie Foster
#cybersecurity #cyberriskmanagement #cyberattacks
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