Are prospects asking your firm to meet a list of cybersecurity requirements before taking the next step in building a relationship or completing a transaction?
Try not to take it personally. Law firms and businesses of all shapes and sizes are now being asked by prospects and clients alike to have their security posture evaluated.
Why? Because no client wants to entrust your firm with their sensitive data if you have poor cybersecurity measures in place.
Due to the growing number of cyberattacks affecting the supply chain, schools, banks, law firms, and other industries; people are becoming more wary of potential security risks before choosing who they partner with.
ArchonOne has helped several law firms implement a strong cybersecurity strategy to ensure their security posture met the needs of their employees, clients, and partners.
In this article, we’ll cover why law firms need to have a robust cybersecurity posture in place and the four ways cybersecurity can impact your firm’s revenue. By the end of this article, your firm will have a better idea of how important cybersecurity is to a law firm’s long-term success.
Why do Law Firms need Cybersecurity?
Law firms make the perfect target for potential bad actors or cyber attackers due to how incredibly sensitive, valuable, and personal the data they store is.
When data breaches occur, law firms are put in what seems like an impossible situation.
They either have the choice of succumbing to the demands of the cyberattack and losing a significant amount of money without ever knowing if the cyberattacker will uphold their end of the deal, or they risk having their client’s personal information and dirty laundry leaked to the public.
Unfortunately, data breaches can have an equally devastating effect on both law firms as well as their clients.
Regardless of the size or location of your firm, no firm can afford the long-term damage a data breach can cause.
4 Ways A Strong Cybersecurity Posture Can Drive Revenue
Ensuring that your firm has a robust security posture will not only protect your employees from adware or ransomware, however, it will prove to your clients that your firm is trustworthy and reliable.
Let’s review the four ways cybersecurity can drive revenue.
By fulfilling the standard CIS requirements to protect your firm’s infrastructure, you will meet the government and industry privacy regulations such as GDPR, HIPPA, etc.
Ensuring that your law firm maintains security compliance is key to maintaining clients and even attracting new ones.
If your firm is looking to meet security compliance, review the following steps with a Managed IT provider or third-party vendor:
- Map assets
- Assess vulnerabilities
- Remediate risks
- Implement email protections, web browser protections, and malware defenses
- Establish an incident response program
- Perform a penetration test
2. Increases Productivity & Efficiency
Time is money. The productivity and efficiency of your staff can be affected by computer viruses and potential cybersecurity issues.
Viruses can slow down computers and in turn affect the quality and quantity of work getting completed.
By putting the right malware protection software and two-factor authentication practices in place, your firm will mitigate any operational inefficiencies and maximize its output.
3. Builds a Good Reputation for your Firm
By positioning your firm as secure and responsible, your firm will position itself as one that cares about its employees and clients.
Showing clients that you have a strong cybersecurity posture will inspire them to work with you and most importantly, trust you. This in turn drives revenue because it shows prospective clients that you are dedicated to ensuring your clients sensitive information is protected.
Additionally, your firm’s dedication to cybersecurity can drive a competitive edge ultimately distinguishing your firm’s service in the industry.
4. Reduces the Cost of a Cyberattack
A preventative approach to cybersecurity will reduce the cost of a cyberattack.
Consider taking the necessary cybersecurity precautions now before it’s too late. Rather than assuming your law firm won’t be targeted by a cyberattacker, look into receiving a security risk assessment to first see what shape your infrastructure is in.
According to the Economic Value of Prevention Report conducted by the Ponemon Institute, 90% prevention of attacks can reduce the cost of an attack, in some cases by as much as half.
This means that the more time and effort spent ensuring your firm’s cybersecurity posture is strong and compliant, the more it will reduce the financial damage a potential cyberattack can cause down the line.
Additionally, having a cybersecurity strategy in place will shorten the recovery time from when the cyberattack occurs to when your firm is fully operational again.
Ready to Build a Successful Cybersecurity Strategy?
Whether you are looking to reduce your firm’s exposure to cyber threats or demonstrate compliance with a regulator, a robust cybersecurity strategy always offers a good return on investment.
For more information on how ArchonOne can help assess your firm’s security posture and build a robust cybersecurity strategy, please contact us.