With cyber risk exploding and storm clouds over the economy, it’s harder than ever to balance risk with commercial realities. Legal Business’ annual risk survey asks how law firms are coping.
While no major law firm has yet fallen prey to the sort of high-profile data breach that the mobile operator Talk Talk suffered in 2015, the threat is front and centre of every risk manager’s mind. For those polled in Legal Business’ ninth annual risk management survey with broker Marsh, ‘IT security breach/data management accident or breach’ was again regarded as the most significant risk to law firms in terms of the damage it could cause and the likelihood of it occurring (see table).
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