The latest report by PwC highlights an escalating concern among UK’s top 100 law firms whereby 85% of these firms identify cyber threats as a significant hindrance to their aspirations in the next two years. As a proactive response to the growing menace of cyber threats, these firms are incrementing their spending on mitigating cyber risks.
A striking 21% increase in cybersecurity expenditure, amounting to £6.1 million, has been recorded among the top ten UK law firms in 2023 when compared to the previous year. This trend is also reflected across the spectrum with the next 16-50 firms increasing their spend by an impressive 41% to £1 million, and the 51-100 block raising their investment by a staggering 67% to approximately £396,000, all within the same period.
This rising concentration towards cybersecurity reaffirms the fact that cybersecurity threats are no longer just a peripheral risk, but a critical business concern that should take precedence in their strategies. It further stresses the importance for law firms to incorporate ‘human cyber risk’ into their strategies.
To delve deeper into the full report, visit Law.com for more detailed insights. Please note the article is behind a paywall.