The digital economy is upon us, driving immense shifts across today’s data security landscape. As a cybersecurity software and service provider, we’ve witnessed these changes first hand delivering data governance services across a wide array of roles and business needs, chiefly in the highly regulated financial services space. The legal industry is its own unique and multifaceted opportunity, in which shifting business pressures alongside thinning and fragmenting cybersecurity resources, are driving a pressing need for comprehensive data governance. As we continue our client expansion into the top 100 global law firms, here’s everything you need to know about the growing legal data security arm of our business:
- Law firm networks are prime targets for a data breach. The unique nature of law firm network environments coupled with the size and scope of the sensitive unstructured data housed within them exposes law firms, and their clients alike, to a heightened level of vulnerability. Thus, global law firms and clients are both at high risk and on high alert when it comes to data security.
- The legal industry has generally struggled with security infrastructure and investment. Outdated security infrastructure and funding oversights for proactive IT-security investment are huge vulnerabilities that the legal industry as a whole must overcome. Law firms reportedly spend slightly under 2% of their annual revenue on protecting client data.
- The clients are powering meaningful security overhauls at law firms. A plurality of law firms are faced with pressing client requirements to upgrade cybersecurity protections. Financial service clients, in particular, are spearheading the trend, requiring validation of information security in line with their strict compliance standards at the law firms they use for their business needs.
- Law firms need to address their most pressing pain points — we have the knowhow to deliver. Our extensive cybersecurity expertise in the financial space is ideal for law firms who are looking to proactively adopt a holistic data governance program that meets and exceeds the compliance needs of their financial services clients, including the data security component of GDPR.
- Building a data governance framework will be a multiphase process. We take a multiphase approach to data governance, providing the needed file share assessment, planning, and remediation services that deliver needed risk reduction. From conducting a full assessment on a firm’s unstructured data environment to powering a target operating model, we address the full scope of data security needs. Finally, providing a solution to enable the organization to manage this on their own allows for full lifecycle.
- Integration is key — our flagship products are designed to leverage your existing technology and IT partnerships. SPHEREengine and SPHEREboard work hand-in-hand with law firm unstructured data environments to power an analytics-driven governance strategy geared toward the financial firms they serve.
This is only the start. To learn more about our expansion in the legal space, read our full release.