Technology disruption is top business continuity planning priority
Large law firms perceive data breaches and cyber terrorism as the top threat of attack to business, according to new survey by The Instant Group, the flexible workspace specialist and Sandpiper Partners, a consulting firm in the legal sector.
The 2018 Legal Business Continuity Survey found that 71 per cent of law firms perceive data breaches and cyber-attacks as the number one risk to business.
The research found that the top three effects of this on a law firm are the impact on revenue loss (74 per cent of respondents), inaccessible or lost data (71 per cent) and the reputational impact (63 per cent).
Findings found that the majority of technology disruptions affect businesses for more than seven days. As a result of this, the impact of technology disruption is the top priority for 78 per cent of respondents.
The report analysed data provided by more than 50 law firms in the UK and US to understand how prepared they are for significant business outages. The research looked at where they perceive the risks coming from, levels of preparedness and real estate as part of their Business Continuity Plans (BCPs).
More than half of the law firms questioned keep their data and document servers stored on site. This creates a serious vulnerability in the event of a disruption as all onsite data storage facilities can be compromised in the event of a cyber-attack.