Law firms and Wall Street banks are discussing the sharing of more digital security information with each other in light of the recent cyber security breaches and of Obama’s executive order encouraging private companies to unite against hackers. Talks are under way to form a legal counterpart of the Financial Services Information Sharing and Analysis Center, a forum for the banking industry to share information about threats from hackers. The Center would anonymously provide the legal group information on security breaches seen in the banking industry.
While law firms’ vulnerability to cyber crimes is not a new phenomenon, such attacks are often unreported since law firms do not have the same stringent disclosure requirements as public companies. However, big banks are starting to require the law firms to provide documentation of security measures as a prerequisite to using the firm for legal representation.
Read more here.