If you’ve been paying any attention, you’re aware that earlier this year confidential client information and documents were leaked from a law firm in Panama. The incident quickly became known as the Panama Papers.
The leaked documents and information show how wealthy international clients use offshore entities to keep their assets hidden from public view.
The Panama law firm has insisted that the leak was the result of an external hack and not an internal leak. Either way, the Panama Papers incident has shown a spotlight on the vulnerabilities that law firms have in protecting their clients’ and their own information.
We may never know what, if any, steps the firm took to prevent external hacks into their computer system. But what is clear is that law firms should not wait and should take steps today to implement technology and other processes to prevent these dangerous attacks.
In addition to taking steps to prevent external hacks, Jim Middlemiss suggests firms should “Get a plan in place for dealing with an inevitable cyber-breach of some magnitude and make sure it includes a crisis communications response.”
The question is probably not if an external hack will happen, but when. Is your firm prepared?