What Your Legal Department Needs to Know About Data Security
According to PWC, cybercrime is ‘the biggest competitor you didn’t know you had’. Today Legal Departments face a very particular set of challenges. They are easy pray for cyber-attackers as they hold vast quantities of client data, manage large amounts of client assets and act as a key link in commercial and corporate transactions.
Cybercrime has evolved in sophistication and scope, with the emergence of a heightened ‘platform criminality’ means cyberattacks towards law firms are now as disruptive and innovative as the start-ups flooding the legal realm today. With the vast advancement of technological innovation, (AI, Blockchain and big data to name a few), Legal Departments are eager to begin their digital transition. After all, according to Gartner, ‘The average Legal Department lawyer spends 25-40% of their time on work that doesn’t need to be done by a lawyer.’
Yet the possibilities to become leaner, more efficient and agile that are offered by technology also come with significant risk. How can Legal Departments better equip themselves to understand better current cybercrime threats and what vital steps they can take to combat these threats themselves? Plus, how can technology providers bridge this gap?
The benefits of adopting legal technology solutions that can offer businesses greater accessibility to data and analytics. The results of a more streamlined and coherent data strategy suggest huge gains operationally and financially. Forrester, a data research consultancy group found that ‘just a 10% increase in data accessibility will result in more than $65 million additional net income for a typical Fortune 1000 company’. Utilising solution technology platforms like DiliTrust Governance is a key way that businesses can better structure their data and better manage security risks. Legal Departments and legal directors alike can all benefit from getting more strategic about data management and data security.
Readers of our white paper will sharpen their knowledge of trending cyber security issues, learn how to navigate their digital transitions in the age of AI and arm their Legal Departments with technology that provides incredible analytics while securely monitoring highly confidential data.