Posted by: johnocunningham | May 10, 2016

Cybercrime Prevention: Opportunity for Law Firms

The Association of Corporate Counsel Foundation just released a special study on the state of corporate cyber-security, which indicates among other things, that half of all General Counsel and Chief Legal Officers want an increased role and responsibility when it comes to their companies’ cyber-security matters.

This is not too surprising when you consider that the average cost of a cyber-breach is now estimated to be $3.8 million in lawsuits, crisis management, forensic activities and corrective measures, according to the Ponemon Institute’s most recent “Cost of Data Breach Study.”

Thus, law firms have an opportunity to expand their own roles with their clients by helping GCs and CLOs to take on more cyber-security responsibility.

To take advantage of this opportunity to serve their clients better, lawyers in private practice should be prepared to partner up and network with forensics experts, IT security experts, and other consultants who have experience in this area and often have the attention of corporate officers in the C-suites.

Firms should also have the ability to communicate their expertise, as well as the value they have brought to other clients dealing with the growing mass of cyber-security issues.

Note: The ACC Foundation serves the needs of more than 40,000 corporate lawyers employed by more than 10,000 organizations in 85 countries.

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