Jun 7th: Rising Cybersecurity Concerns in Law Firms

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In today's episode, we'll cover the importance of data privacy as GDPR's 5th anniversary approaches, US government's focus on ethical and legal implications of AI, and the results of the first cybersecurity benchmarking survey of the legal industry.

Let's get started!

Let's start with the trends from yesterday.

As legal professionals, it's important to keep up with the latest trends in technology, data privacy, and innovation. The fifth anniversary of the General Data Protection Regulation (GDPR) is a reminder of the significance of data privacy and technological innovation in managing personal data. The GDPR brings about positive changes in IT infrastructure and consumer awareness, highlighting the need for businesses to stay current on data privacy laws.

In other news, more and more legal tech companies are promoting product leaders to the C-suite. This reflects the growing emphasis on product development and integrations to enhance offerings for lawyers as seen by Cleo's recent appointment.

We cover the US Government's updated National AI Research and Development Strategic Plan, Lexis Nexis's 2023 Bellwether report, and ILTA and Conversant group's first cybersecurity benchmarking survey in the key stories.

Before that, it might be worth knowing that contract lifecycle management is another area seeing advancements, with Agiloft recognized as a leader in the field. Fintech developments in the payments space are also drawing attention, particularly from state attorneys general who scrutinize industries for consumer fraud. Fintech providers are advised to review compliance programs, enhance risk monitoring and fraud prevention procedures, and ensure compliance with relevant regulations to avoid regulatory issues.

Now, let's move on to our key stories.

The US National AI R&D Strategic Plan 2023 has been released by the National Science and Technology Council's Select Committee on Artificial Intelligence. It's a comprehensive guide to the future of AI in the country and outlines nine thematic strategies.

One key point to note is the importance of fundamental and responsible AI research, as well as creating strong public-private partnerships. The plan also highlights the need for evolving the perceptual capabilities of machines, cybersecurity measures, and ethical considerations.

Speaking of reports, the Bellwether report by LexisNexis is available. It indicates a shift in attitudes towards tech investment post-cost of living crisis. According to the report, technology infrastructure is a major challenge for small law firms and solo practitioners. However, client-facing online platforms for updates are cited as the most common tech investment for the next year, indicating a focus on maintaining and improving client relationships. Additionally, better service through good business development and marketing efforts remains a top priority for firms.

Finally, two-thirds of lawyers are now using digital legal research and guidance tools, highlighting the importance of legal intelligence technology in today's society.

For our last story, let's discuss the results from the International Legal Technology Association (ILTA) and Conversant Group first-ever cybersecurity benchmarking survey for the legal industry, titled “Security at Issue: State of Cybersecurity in Law Firms.”

The survey aimed to understand the current state of cybersecurity controls, tools, practices, and assumptions within global law firms to identify how their cyber defenses could improve. And what did they find? Well, while around 15% of law firms surveyed believed they had security gaps, more than double that number had suffered some form of breach.

Interestingly, respondents identified user behavior and lack of training as the top threat to security rather than any threat actor activities. So, what are the recommendations for law firms moving forward? The report recommends taking a more layered approach to security across people, processes, and technology to improve their security posture and avoid making security optional.

This survey shines a light on the importance of having a strong cybersecurity strategy for law firms. It's crucial to stay vigilant and address potential security gaps proactively. Hopefully, this survey will encourage more law firms to take the necessary steps to protect their clients and their organization from cyber threats.

And that's a wrap.

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