All organizations store and share files and data that are sensitive on some level. Health care is the No. 1 industry for storing and sharing sensitive files, followed closely by the legal industry — which makes secure file sharing for law firms a priority that too often goes overlooked. The volume of sensitive information handled by law firms, this includes both corporate information and sensitive data related to tax returns, makes the legal industry a major target for hackers. This calls for strict policies around how that information can be stored and shared digitally. Bloomberg reports that more than 80% of the top 1,000 law firms in the world had sustained a recent data breach. That’s bad news for firms – and their clients. Breaches can be costly, not just because of ransomware payouts but also due to the damage to a company's reputation that emerges from a breach. The good news is that tools exist to make secure file sharing for law firms a reality.
If you’re subject to regulatory compliance, this can have a major impact on the way your business operates. HIPAA, SOX, and GLBA are three regulatory compliance standards that apply to a wide range of companies. Learn more about these compliance standards, and the steps companies must take to align with them.
Are you trying to select a new file sharing solution, but you have a few questions first? Explore these common questions about file sharing solutions and find out their answers.
For the sake of productivity alone, law firms always need to be as forward-thinking and as tech savvy as possible in order to do the best work for their clients and remain competitive in the market as a whole. However, for every new, disruptive piece of technology they embrace, they potentially put themselves at risk for the type of catastrophic data breach that can subject those same clients to an immeasurable amount of harm. Preventing law firm data breach scenarios isn't impossible, but it does require you to approach the situation from a very particular angle.
Second perhaps only to the healthcare industry, data security in the digital space is one of the most pressing concerns that law firms face on a daily basis. Law firms are subject to an extraordinary number of rules and regulations regarding what type of information can be stored digitally, how it must be stored, who it can be shared with and more. Violations open law firms up to regulatory actions, financial settlements and more depending on the severity of a particular issue or breach. This is the core reason why making sure that you're choosing the right data hosting for law firms is so important.
When people think of the term "data breach," they normally call to mind images of retailers or even banks that fall victim to these devastating types of attacks. They may even think about insurance companies like the Anthem hack that exposed the personal information of millions of customers to harm a few years ago. According to Bloomberg, however, law firms are also at an increased risk of being hacked - shockingly so, in some cases.
Law firm data security is hugely important for a wide range of different reasons. For starters, many people don't realize just how devastating a hack on a law firm can really be. Whereas a stolen credit card number may result in a few hundred dollars of fraudulent charges that are quickly overturned by a credit card company, a law firm hack can result in identity theft, an irreparably damaged reputation, regulations violations and more. If you run a law firm and want to make sure that you're protecting your files in a digital realm, you need to keep a few key things in mind.