Extract from article by David Greetham
At legal technology industry conferences across the country, I hear rising concern about the potential for hackers to get at the collections of client data that law firms store and process for e-discovery. According to a 2016 study of data breach costs by the Ponemon Institute, the average cost of a data breach is now $4 million.
But more important than the financial loss would be the reputational damage to the firm, loss of clients and perhaps even litigation. What if a breach resulted in the loss of a client’s intellectual property? Damages could be astronomical.
Many firms have the mistaken impression that their data is safest where they can “touch” it and are hesitant to move it from on-premise to the cloud (which conjures up images of data freely floating through the air). Yet, law firms aren’t actually that confident about their own security.