Banks demand law firms do more to protect their information

June 9, 2015 by Melanie Watson Leave a Comment

You would think a law firm’s security could be trusted without question, but over the last seven months banks have been paying much more attention to law firms’ levels of security.
Financial institutions have shifted their focus to security after a series of cyber attacks on some of the world’s most trusted banking institutions. JPMorgan Chase was attacked in June 2014, when hackers gained access to and leaked the sensitive information of some 83 million households and small businesses. Because of the extent of the attack, the corporation came under severe criticism.
Examining third-party security is now a top priority for many banks. According to the Wall Street Journal, the number of compliance checklists for law-firm technology systems and security procedures has ballooned, and law firms large and small are increasingly facing on-site audits to determine who has access to documents and office servers.
Financial institutions make up a large proportion of many law firms’ business, as they often need legal advice when writing loans, buying and selling companies, and so on.

Stringent information security needed in the legal sector

Because of its strong emphasis on security, many law firms are seeking ISO 27001 certification to prove their commitment to information security to banks and other clients.
Top UK law firms that have achieved certification to the Standard include DLA Piper, Clifford Chance, Linklaters, and Allen & Overy.
ISO/IEC 27001:2013 sets out the best-practice specification for an information security management system (ISMS), a system of managing the confidentiality, integrity and availability of your information assets. Implementing the Standard helps your business develop a holistic approach to information security – encompassing people, processes and technology – that is recognised worldwide.
As a provider of ISO 27001 tools, training, consultancy, penetration testing and comprehensive, fixed-price implementation solutions, we have helped a number of top UK law firms to achieve their information security objectives, and we can help you, too.

View our full range of ISO 27001 products and services, speak to an adviser today on 0845 070 1750, or email servicecentre@itgovernance.co.uk for further information.