- Business Risk – Sophisticated clients such as financial institutions have begun vetting their law firms for cyber risk compliance. The process now includes your firm being audited for cyber risks with detailed technology questionnaires and sometimes even requires your agreement to indemnify them for cyber losses, such as a breach that emanated from your firm. Your Cyber Partner will respond and plan for these new compliance requirements.
- 30,000 foot view – Every law firm needs to execute a unique cyber readiness plan based on their clientele, areas of law, operations, financial position, and infrastructure. A partner with a thorough knowledge of your firm is best suited to quarterback this effort. They will need to coordinate the team efforts in the areas of public relations, technology, outside cyber coaches, and physical security advisors. The Cyber Partner will also have to present and oversee entirely new budgets and expenditures.
- Leadership readiness – You will be Sony’ed. You will be Target’ed. It is only a matter of time until your firm will be tested in this area. In your times of crisis, a responsible Cyber Partner can spearhead your firm response and report to the partnership. A swift and effective partner level reaction can mitigate the damage of these negative events. Much like your disaster recovery plan, your Cyber Partner should be prepared to act when needed.
- Financial coordination of your insurance programs – The Cyber partner will be a key part of the insurance evaluation process. Cyber insurance (and the related fraud insurance) can fall between the cracks of your Property & Casualty insurance and Professional Liability programs. While your broker can provide valuable advice, your Cyber Partner’s participation will assist in the customization of the products to best suit your firm’s needs.
- Grow your Cyber Practice – There is no doubt that Cyber Law, advising clients in a proactive and reactive manner, will grow significantly in the coming years. Your Cyber Partner can build on their firm work and gain valuable expertise to provide to your clients.
The implementation of a cyber strategy with a Cyber Partner needs to be a high priority for the firm. One only needs to look at Sony (Target, TJ Max, Chase) to see the potential havoc that can be suddenly unleashed on your firm. Is your firm leadership ready?
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Related Post: NY Law Firm Cyber Attack Foiled – See how they fought back! http://tinyurl.com/ov5xa6q