Addressing cybersecurity threats has become a top agenda for legal giants in the United Kingdom, with 85% of the top 100 law firms identifying these threats as significant hurdles to their potential growth over the following two years. This recognition has led to increased expenditure in cybersecurity, ensuring robust risk mitigation.
A recent PwC report indicates that the expenditure on cybersecurity by the top ten law firms stacked up to £6.1 million in 2023. This figure marks a substantial 21% rise from the previous year. A noteworthy increase in expenditure is not limited to only the top 10 firms, but is evident across the board. Law firms ranked 26-50 have ramped up their spending by 41% to £1 million and those firms occupying the 51-100 positions have surged their spending by 67% to £396,000.
PwC stressed the significance of each firm incorporating ‘human cyber risk’ into their cybersecurity strategies. The concept of ‘human cyber risk’ tackles the role individuals play in cyber threats, in addition to the technical aspects of these threats.