Regardless of the notoriety that cyber-attacks have received in the last few years, this threat still remains the biggest concern for law practices throughout the nation. While basic measures have likely been put in place, there is still a large gap between the understanding of in-house counsel and IT. As we take a closer look at the findings recently divulged by Kroll Ontrack’s 2016 Corporate Risk survey, ensure your firm is securely protected with a customized Indianapolis Cyber Liability policy.
According to Inside Counsel, the survey found that: 59 percent of the organizations’ data breach or Incident Response (IR) plans are inadequate or non-existent; 41 percent reported that their company’s IR plan is regularly updated and tested and; 20 percent say that they never discuss data security issues with their organization’s head of technology.
Not only is confidential and personal information at risk from being stolen through a cyber-attack, but trade secrets and intellectual property are at stake, as well. These critical components are the lifeblood of any business, and not having the right security and network measures in place can prove just how devastating their effects can be.
According to Kroll Ontrack’s director of consulting Tom Barce, the company, especially the in-house counsel, should have a deep understanding of how its data is managed- it’s important to establish an Information Governance office that can interface with in-house counsel, IT, and business units to manage data in a cohesive fashion.
Bear in mind that even though data security often isn’t a direct correlation to profit, it’s imperative that these solutions are put into place to prevent from losing the profits your firm worked hard for. Maximize your investment in your technology software, do test breaches, and evaluate their effectiveness on a regular basis to ensure you’re getting the most out of your money.
At Walker & Associates Insurance, we offer comprehensive cyber liability protection to safeguard your firm’s operations. To learn more about our competitive solutions, contact our experts today at (888) 920-2139.