Blog » Impact of Data Breach on the Legal Industry – Infographic

Impact of Data Breach on the Legal Industry – Infographic

Last updated: 08 Sep, 2023 By Ritu Kaushal | 6 Minutes Read

Technology is advancing its way into almost every industry type, and the legal industry is staying caught up. However, the impact of data breaches is another problem. Law firms have already incorporated the use of the latest technology to streamline their work processes and enhance the overall work efficiency and productivity. However, with technology benefits, its hazards also come along, and in the legal industry, it has arrived in the form of data breaches.

The magnitude of the looming cyber threat is astonishing. As projected by Cybersecurity Ventures, we can anticipate an annual global loss of $10.5 trillion by 2025, a staggering figure attributed to impact of data breach. This prediction highlights the profound consequences of cybercrime, recognized as the most significant transfer of economic wealth ever witnessed.

For quite some time, it has been evident that law firms in the United States are prime targets for hackers seeking valuable data either for sale or ransom, and unfortunately, they continue to be vulnerable. These firms handle extensive volumes of sensitive information, including personally identifiable information (PII), yet they tend to lag behind other industries in adopting security technologies and adhering to international standards and best practices.

Let’s make it clear: The impact of data breach pose an existential threat to both law firms and organizations alike, leaving them exposed to significant financial, legal, and reputational risks in the event of a cyberattack.

This infographic lists the major US law firms that have been the victims of data breaches in the past, the growth of data breaches over the years, and their possible causes. Proactive measures like availing legal support services, along with the use of the latest security technologies, are required to tighten the grip against data breaches to ensure data security of the law firms and their reputation.