KC Counselor May 2015 : Page 23

AFFINITY PARTNER Law Firms Prioritizing Cyber Security A s clients put more pressure on firms to show they have a proac-tive information security plan, law firms are prioritizing tech-nology risk management and cyber liability insurance. Ac-cording to Brad Barker, Senior VP of Paragon Brokers, “This has been highlighted this past month with news that a group of law firms are forming a cyber security alliance to allow them to access and share in-formation regarding threats and vulnerabilities.” The cyber security strategy should include assessment of the supply chain (Third Party Service Providers) and in-house risk management, accompanied by a cyber liability insurance policy. Supply chain risk management is one of the most significant rea-sons law firms are placing more emphasis on cyber security. Michael Kassner of TechRepublic wrote on March 6th, “Many if not all of last year’s successful data breaches began with attackers compromising a portion of the victim company’s supply chain.” Because of this, many firms are spending more time discussing cyber security. They want to know who has access to their data, how to protect it, and how to cover the financial impact of a breach. While this may seem like a daunting task, there are numerous technology solutions to help manage your firm’s risk. One software solution is Lockpath’s Keylight platform, which transforms practices from reactive to proactive with regard to information security com-pliance. Wyatt Cobb, VP of Channel Sales, said, “Law firms have a duty to their clients to maintain confidentiality and to protect sensi-tive data. Firms we have worked with have differing needs includ-ing documenting policies, maintaining ISO 27001 compliance, and tracking the record life cycle.” Firms of all sizes can use proactive cy-ber security measures to attract new clients. No matter what you do to protect sensitive information, you can be breached, and greater awareness is resulting in more cyber liability insurance being purchased. Barker continued, “Procuring of a cyber liability policy further underlines a law firm’s assertion that they not only understand but are taking all available precautions to protect themselves and their clients from an escalating risk to the sensitive information which has been entrusted to their care.” As your firm ad-dresses these issues, don’t be afraid to ask for help! This is a rapidly evolving and expanding challenge for all firms. ■ ABOUT THE AUTHOR: Travis Holt is a partner at Brush Creek Partners, a full service insurance and risk management firm, where he runs the professional services practice. His areas of expertise include legal malpractice, technology risk management, due diligence and medical malpractice. Brush Creek Partners is the Official Insurance Partner of KCMBA. May 2015 ■ KC Counselor   23

Law Firms Prioritizing Cyber Security

Travis Holt

<br /> As clients put more pressure on firms to show they have a proactive information security plan, law firms are prioritizing technology risk management and cyber liability insurance. According to Brad Barker, Senior VP of Paragon Brokers, “This has been highlighted this past month with news that a group of law firms are forming a cyber security alliance to allow them to access and share information regarding threats and vulnerabilities.” The cyber security strategy should include assessment of the supply chain (Third Party Service Providers) and in-house risk management, accompanied by a cyber liability insurance policy.<br /> <br /> Supply chain risk management is one of the most significant reasons law firms are placing more emphasis on cyber security. Michael Kassner of TechRepublic wrote on March 6th, “Many if not all of last year’s successful data breaches began with attackers compromising a portion of the victim company’s supply chain.” Because of this, many firms are spending more time discussing cyber security. They want to know who has access to their data, how to protect it, and how to cover the financial impact of a breach.<br /> <br /> While this may seem like a daunting task, there are numerous technology solutions to help manage your firm’s risk. One software solution is Lockpath’s Keylight platform, which transforms practices from reactive to proactive with regard to information security compliance. Wyatt Cobb, VP of Channel Sales, said, “Law firms have a duty to their clients to maintain confidentiality and to protect sensitive data. Firms we have worked with have differing needs including documenting policies, maintaining ISO 27001 compliance, and tracking the record life cycle.” Firms of all sizes can use proactive cyber security measures to attract new clients.<br /> <br /> No matter what you do to protect sensitive information, you can be breached, and greater awareness is resulting in more cyber liability insurance being purchased. Barker continued, “Procuring of a cyber liability policy further underlines a law firm’s assertion that they not only understand but are taking all available precautions to protect themselves and their clients from an escalating risk to the sensitive information which has been entrusted to their care.” As your firm addresses these issues, don’t be afraid to ask for help! This is a rapidly evolving and expanding challenge for all firms.<br /> <br /> ABOUT THE AUTHOR:<br /> Travis Holt is a partner at Brush Creek Partners, a full service insurance and risk management firm, where he runs the professional services practice. His areas of expertise include legal malpractice, technology risk management, due diligence and medical malpractice. Brush Creek Partners is the Official Insurance Partner of KCMBA.

Gyllenborg & Brown, P.A.

 

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