Ride the Lightning

BigLaw Spending Up to $7 Million Annually on Cybersecurity

September 15, 2015

Reuters reported that, according to a Chase Cost Management survey, the AMLAW 200 firms are spending as much as $7 million annually (an average of 1.9% of gross annual revenue) on cybersecurity. Respondents were evenly split on their budget size assessments, with half thinking their budget is enough and half thinking it should be higher.

Other survey findings include the top cybersecurity initiatives being implemented at law firms, such as strengthening in-house security skills and employee training. Training is one of our favorite topics when we present on cybersecurity – it is greatly undervalued at smaller firms.

Survey findings, along with panel analysis and discussion, are summarized in the report, "What Price Peace – Key Expense Management Strategies for Law Firm Data Security." This free report offers some benchmarking data and peer guidance for law firms and introduces standard security frameworks and other concepts to help determine spending priorities.

"What Price Peace" is available for viewing and download. Nice to see large law firms finally stepping up to the plate and taking information security seriously – you know equity partners are not happy with dispensing millions each year, but at least they have now recognized the painful necessity of doing so.

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