The legal industry finds itself in the upper echelons of companies when it comes to the fiscal impact of a cybercrime. However, many are ignoring this risk. According to the American Bar Association’s (ABA) 2015 Legal Technology Survey, about half of firms said they had no response plan in place to address a cybersecurity breach.
Furthermore, Cybersecurity Ventures predicts the costs associated with a cyberattack could balloon to $6 trillion globally by 2021. To put that in perspective, if cybercrime were a country, the number would represent the fourth highest Gross Domestic Product (GDP) in the world.
To better understand the costs associated with cybercrime it is helpful to group the expenses in two buckets, direct and indirect.