With the global expansion of remote working and increased reliance on digital technologies to support every type of business, it’s no surprise that data security has risen to the top of the boardroom agenda. The issues associated with data security are particularly prominent in the minds of legal counsel since in-house legal teams frequently must help organizations manage and recover from crises, including data breaches.
WHY DOES DATA SECURITY MATTER?
Most organizations today rely on data. That means any data loss, whether caused by cyber-attack or human error, poses a considerable risk to the business. The impacts include significant time, cost, and resources spent responding to and recovering from an incident and the potential loss of revenue and long-term reputational and financial damage.
REAL DATA SECURITY RISKS FOR EUROPEAN LEGAL DEPARTMENTS
Recent studies show that a significant number of European businesses suffered a data breach involving the loss or theft of more than 1,000 records in the past two years; many of them came from a remote workforce. The shift towards remote working in the wake of the pandemic has increased the risks to data – and no legal team or business can afford to ignore them.
Data Breach Preparedness Study sponsored by Experian and conducted by the Ponemon Institute found that 49% of European businesses had suffered a data breach involving the loss or theft of more than 1,000 records in the past two years. Almost half of the data breaches came from a remote workforce (43% of European respondents). The shift towards remote working in the wake of the pandemic has increased the risks to data – and no legal team or business can afford to ignore them.
In the legal profession, the highly confidential and sensitive nature of internal data (and with law firm suppliers) makes it especially important to protect. And in an industry where your reputation is one of your most valuable assets, any data security incident that undermines that reputation is potentially devastating.
The CLOC (Corporate Legal Operations Consortium) 2022 Survey by the Association of Corporate Counsel highlighted concerns about the risks to data among Chief Legal Officers. It reported that “57% of the respondents in an ACC survey noted the urgency of having a ‘comprehensive data management strategy to ensure compliance, defensibility and security.’”
HOW TO CHOOSE LEGAL SOLUTIONS THAT PROTECT YOUR DATA
Legal firms must ensure their IT security protocols are as robust and effective as possible to protect valuable data. The key is providing the software and systems you use to offer the highest levels of data safety. Even the most technology-savvy legal operations managers may need to be more expert in data security. But there are some key features you should look out for in any legal software you choose:
- Single jurisdiction hosting ensures that once you’ve chosen the geographical location for your datacenter, your data never leaves that country.
- Banking grade encryption: using the latest algorithms to encrypt data wherever it is stored, accessed, or transmitted – whether on disk, on the network, or in the database.
- Secure cloud hosting: choose applications hosted securely on your own data center (private cloud), certified data centers (public cloud), or a hybrid.
- Regular audits, pen tests, and certifications – compliance with recognized global certifications and standards, including ISO27001, ISO 9001, and GDPR, provides peace of mind in the security and reliability of your software.
NOW IS THE TIME TO SECURE YOUR DATA
As the new financial year approaches, now is perfect for organizing your data security protocols. New vulnerabilities and data breaches hitting the headlines recently are a timely reminder of the risks posed to data and the need for constant vigilance. Throughout Europe, data protection plays a central role for legal departments and is a top priority for corporate governance. As you set your legal tech budgets for the year ahead, ensure data security is at the top of your shopping list.
DEVELOPED FOR SUPERIOR DATA SECURITY
The legal operations software provided by Onit’s European legal spend management solution BusyLamp eBilling.Space has enterprise data security terms front of mind. That means our solutions handle the matter, and billing data are subject to the highest security standards.
Moreover, BusyLamp has been recognized again by Hyperion Research as an Enterprise Legal Management Advanced Solution in its MarketView™ Report. The report recognized our data privacy policies, highlighting our robust data privacy features, including geographic data segregation options and automated data classification and retention tools.
YOUR DATA IN SAFE HANDS
When it comes to e-billing software that helps you reduce costs and operate more efficiently, you can be confident that BusyLamp offers market-leading data protection and security standards to safeguard the confidentiality of your matters and the reputation of your business.
Request a demo to find out how BusyLamp can safely, securely, and compliantly enhance your legal operations.