The importance of robust risk management in the legal sector

We know that law firms are turning to technology to streamline their operations, handle cases more efficiencly and effectively, and provide excellent client experience. Some have even begun adopting artificial intelligence.

As we increase our reliance on technology, the importance of cybersecurity and risk management escalates. Implementing robust risk management strategies is therefore vital, which adds complexity to the skillset required to effectively manage your tech stack. That’s where Managed Service Providers (MSPs) come in.

Let’s explore why law firms should consider partnering with an MSP to safeguard their sensitive data and maintain a robust digital infrastructure.

Threats in today’s environment

Law firms are a particular target for cybercriminals and cyberattacks because of the nature of the sector. They handle vast amounts of sensitive data and confidential information. When those threats recently became a reality for CTS, a legal-focussed MSP, in an attack that affected approximately 80 firms, everything from emails and digital paperwork to contractual agreements and property deal completion documents were compromised.

It’s a growing issue, too. A recent report from Chaucer Group found that nearly three-quarters of the UK’s top 100 law firms have been affected by cyberattacks, with incidents rising from 166 in 2022 to 226 in 2023.

A data breach can have severe impacts, including financial loss, the tarnishing or loss of reputation, and the inevitably of lengthy, convoluted legal processes, so addressing the root of the problem, before it becomes a problem in the first place, is critical – and that’s where MSPs come in.

What an MSP does

What are you getting in return for your investment in a reliable, experienced and expert managed service provider?

Risk Assessment and planning

Conducting a risk assessment is critical for understanding a law firm’s needs. Your MSP wil identify compliance gaps, potential points of failure and vulnerabilities, and create action plans to help you address critical issues quickly.

A good MSP will operate with a collaborative approach, working closely with you to understand your unique security requirements and designing tailored strategies that align with your firm’s goals. This will ensure that you receive the most effective and efficient solutions for your firm, to safeguard its future.

Real-time security monitoring and reporting

Understanding the importance of active surveillance on a law firm’s IT infrastructure is crucial. By identifying and resolving issues early, you prevent them from becoming significant disruptions a little further down the line.

With applications such as Azure Defender, an MSP will continuously watch over your environment, promptly detecting and addressing any potential threats, before analysing the event and creating a workflow to stop similar incidents from reoccurring.

Baking in compliance

Law firms are ambitious businesses. They are constantly striving for growth and innovation, while trying to remain within the remit of strict regulation. Regulatory compliance doesn’t have to be an obstacle in their journey, however. An established MSP will not only bring their previous experience to the table, but collaborate with your in-house experts to understand your firm’s bespoke compliance needs.

Disaster recovery

If the worst does happen, then being able to keep your firm running in any given circumstance is one of the most important things you will ever do. You must have a disaster recovery plan in place that has been planned, developed and tested before the event so that it’s ready for action. There’s a lot that goes into an effective disaster recovery plan, which an MSP will guide you through.

Teaming up with an MSP that emphasises clear risk mitigation practices is a smart move for law firms in today’s digital world. With cyber threats always looming and the increasing importance of data security and compliance, having experts by your side is crucial.

This allows law firms to concentrate on their core competency – delivering legal services – while entrusting the intricate task of risk management to specialists who excel in protecting their digital assets and reputation.

If your law firm is ready to partner with an MSP who specialises in security, contact one of our security experts today, or discover how to leverage Microsoft to help better secure your firm with our dedicated 1:1 security workshop.