Cyber criminals profit from accessing sensitive data, trade secrets, financial accounts and other company assets. Law firms make particularly good targets.
First, as vendors, law firms are attractive targets. They not only hold valuable client information but also are regularly emailing attachments to clients, providing a possible means to get into client systems. Second, law firms are seen ... as high-value targets for the rapidly growing use of ‘ransomware’ and extortion schemes because they have historically weak defenses and are seen as able to pay large sums.
-Luke Dembosky, Cybersecurity and Litigation Partner, Debevoise & Plimpton. Former deputy assistant attorney general for national security at the Department of Justice
Large-scale data breaches end up in the news with alarming frequency these days, as companies of all sizes fall prey to these attacks. The total annual financial impact is predicted to reach six trillion dollars by 2021, according to CSO Magazine.
- 66% of firms experienced a breach of varying degrees
- 40% of firms didn't even know their systems were compromised
- 60% of small businesses are forced to go out of business after a data breach
Why You Should Be Concerned With Cybersecurity
According to a 2017 American Bar Association survey, over 1 in 4 law firms have experienced at least one data breach. Data breaches put law firms at risk of:
- Client Loss
- Reputation Damage
- Costly Technology Fees
- Lost Billable Hours
- Missing or Unrecoverable Data
- Litigation Risk / Exposure
Individual attorneys and small law firms are particularly high-value targets, as they hold highly sensitive data but typically lack advanced IT security systems. In fact, many small law firms are currently using outdated forms of security, such as anti-virus programs or traditional firewalls. While these tactics may have worked a decade ago, the IT security landscape today is much more complex - with staff bringing in personal devices or working with clients off-site or from home.
- 10,000+ intrusion attempts are cited per network every day
- 59% of emails attempted to be delivered to firms are a phishing or spam message
- 53% of firms said they haven't developed a data breach incident response plan
In this new environment, hackers have more opportunities to breach law firms’ most sensitive systems, not to mention increasingly sophisticated techniques, such as social engineering. The worst part? If a breach was to occur, the only thing an anti-virus program or firewall would do is produce an alert that damage had been done.
With this limited protection, a firm could lose financial accounts, client databases, and key systems in a matter of seconds. The damage to a firm’s reputation or revenues, on the other hand, could take months or even years to repair. Small firms run the risk of falling into the 60 percent of small businesses who are forced to go out of business after a data breach.
Why Is Todyl Protection the Solution You Need?
Todyl is the first cybersecurity service designed specifically for small businesses - it’s powerful, simple, and affordable. Todyl can be setup by anyone in a matter of clicks, and our pricing is straight forward. Only pay for what you use each month. No sales people, no long-term contracts, no hidden fees.
Todyl is unique as it delivers the full spectrum of security small businesses need but were previously unable to afford: protection, detection, response, and recovery.
A strong cyber defense consists of multiple layers of protection (we call this defense-in-depth). Historically, only large companies could afford the expensive hardware and industry experts associated with this type of protection. Todyl has moved the capabilities of expensive security hardware into the cloud, giving small businesses access to the protection they need, at a cost they can afford.
Our cybersecurity experts keep an eye on your network and devices so you can focus on bringing in more clients and expanding your business.
Are you ready to stop cyber criminals from stealing valuable data and costing your business revenue and reputation? Contact us today to discuss your cybersecurity needs.