Why do you need to secure your Networks?
With plenty of undertable information being passed around about trade secrets, mergers and acquisitions, legal firms have been in the crosshairs of unscrupulous elements such as black-hat hackers for quite a while now. The recent explosive hack of 11 million leaked documents of client-attorney privilege in Panama has further increased the necessity of a strong IT network service to back up legal firms’ and their procedures to further safeguard their privacy and stability.
The 2015 ABA Legal Technology Survey Report reveals that one in four legal firms have had their networks compromised, websites broken into, breaches, authenticative devices lost or stolen and other minor hacks. Despite these many high profile hackings and others that happen without public knowledge, public security seems quite lax. At an outstanding 25% hack rate as stated by the report, it’s saddening to know that 47% of the survey respondents admitted that their firm was without a long term strategy to deal with future security breaches.
A recent report from Wall Street Journal states that Cravath Swaine & Moore LLP and Weil Gotshal & Manges LLP have announced of their servers being compromised by unknown hackers in March. Yet Federal Investigators remain unsure whether the hackers had gained full administrative access to the networks of the legal firms or the fortune 500 and Wall Street banks that they represent.
In parts of Ukraine, hackers stole details about important news releases such as corporate earning calls and other documents of legalistic nature before they ever were released to the public. As of February, we noticed a new post in an underground russian website about a hacker offering confidential hidden access to law firm files and his services for payment.
According to a report in Fortune, professors from McGill University and New York University’s Stern School of Business conducted a joint-study on insider trading in the corporate world. They found out that almost 25% of deals and corporate mergers were backed by illegal insider trading.
That being said, where is the Department of Justice and what role does it play in this chaos?
Well, they are as clueless as the legal firms who were under the assault of hackers and their ability to crack down these culprits citing their waning influence in cyber security. Out of the 1859 mergers under the legal scrutiny, only 4.7% have been litigated by the Securities and Exchange Commision.
As a bonus point: the profit attributed to insider trading is approximately $1.57 million.
If that’s not worrisome, we do not know what is!
What can we do help your firm?
Your firm needs to ironclad your network fortifications with vulnerability checks being undertaken in routine timeframes to spot weakness or “chinks in the armour”, as we call it. You can increase your antivirus security, firewall protection umbrella and further seal weaknesses where foreign elements might sneak in.
At Preemo, we believe in providing quality IT support for our clients by securing their information and taking their needs seriously. We provide routine maintenance and and constant monitoring of your network’s needs and requirements to provide the security needed for your peace of mind.
To book a free assessment of your Legal Firm’s IT needs, click here.