Law Firms to Spend $6.9M to Keep Client Data Secure

Law firms this year will typically spend more than $6.9 million on information security, or 1.92 percent of their gross annual revenues, a recently released survey of big law firms said.

Client demands and obligations to protect data fueled investment decisions, cited by 59 percent of respondents in the Chase Cost Management (CCM) survey report released Aug. 27.

According to the report, more than 21 percent of law firms are strengthening in-house security skills. Approximately 12 percent of respondents cited the following security investment priorities: identifying gaps through internal and external security assessments; transferring risk with new or updated cyber-liability ...